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May 29, 2017

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Local share prices fall 0.79% on US data

Share prices in Taiwan fell 0.79 percent yesterday, dragged down by Friday's losses on Wall Street and European markets after a smaller-than-expected rise in U.S. non-farm payrolls in June.

The weighted TAIEX ranged between a high of 7,333.28 and a low of 7,293.11 before closing down 58.63 points, or 0.79 percent, at 7,309.96, falling below its quarterly moving average of 7,320.

Turnover was low amid global economic uncertainty at NT$58.38 billion, far below the NT$78.4 billion averaged per session last week.

A total of 1,265 stocks closed up and 2,480 finished down, while 474 remained unchanged.

Most of the market's eight major stock categories closed down, with plastics and chemical shares suffering the steepest loss at 1.3 percent.

Among the other major stock categories, the machinery and electronics sector closed down 1.1 percent, financial shares shed 0.6 percent and textile stocks edged down 0.5 percent.

The construction sector shed 0.4 percent, and food shares fell 0.1 percent.

Only shares in the paper and pulp and cement sectors bucked the downward pressure, each rising 0.6 percent.

Gains among large-cap stocks helped limit the index's decline in Monday's session.

Hon Hai Precision Industry Co. Ltd., which makes iPhones and iPads for Apple Inc., rose 0.55 percent to end at NT$91.90. Chip designer MediaTek Inc. closed up 0.73 percent at NT$275.00.

Formosa Plastics Corp., the nation's largest maker of polyvinyl chloride, rose 1.05 percent to close at NT$77.2.

Wei Chuan Foods Corp., operated by Ting Hsin International Group, closed up 1.60 percent to close at NT$31.80, while Standard Foods Corp. gained 1.22 percent to end at NT$91.60.

Meanwhile, shares of "gambling-concept" stocks edged higher Monday after a voters in the outlying island chain of Matsu passed a referendum allowing gambling there, paving the way for a casino project.

Separately, the number of listed firms making record sales in June is expected to drop sharply from May, said market research firm CMoney yesterday.

Today will mark the deadline for all listed firms to report their June sales figures. By 11 a.m. yesterday, only 25 firms posted record sales in June, below the 26 for April and 58 for May.

Most of the 25 that made record sales in June were small and medium enterprises, CMoney said.

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