Taiwan shares close up 0.18 percent to 7,798.99

The weighted index rose 14.18 points to 7,798.99, after moving between 7,738.48 and 7,799.57, on turnover of NT$118.76 billion.

The market opened flat amid cautious sentiment after the U.S. reported worse than expected durable goods orders data overnight, dealers said.

Rotational buying emerged to pick up foodstuff and cement stocks, however, after the index fell to the support level of 7,700, while several major integrated circuit shares continued to weaken ahead of the releases of their second quarter results, they said.

A total of 1,683 stocks closed up and 1,736 down, with 327 remaining unchanged.

The foodstuff sector posted the highest gains, up 2.1 percent. The cement sector closed up 1.9 percent, the plastics and chemical sector 1.1 percent higher, the textile sector up 1.0 percent and the financial sector 0.1 percent higher.

The machinery and electronics and the paper and pulp sectors closed unchanged, while construction shares fell 0.7 percent.

“Technically speaking, the local market remained in a consolidation mode as many investors retreated from the trading floor, waiting for more information about the global economy,” Mega Securities analyst Alex Huang said.

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