Taiwan stocks down on investors' wait-and-see attitude
The China Post news staffTAIPEI, Taiwan -- Taiwan stocks fell yesterday, as investors stood on the sidelines in the lead-up to the release of listed companies' fourth-quarter financial results, dealers said.
January 9, 2013, 11:34 am TWN
At the end of the session, the TAIEX closed at 7,721.66, down 33.43 points, after the index moved between a high of 7,751.8 and a low of 7,692.98. Trade volume stood at NT$87.579 billion.
All of the island's three major institutional investors were on the sell side, posting a total net sale of NT$8.82 billion. The figures broke down into NT$6.836 billion by foreign investors, NT$1.296 billion by investment trusts and NT$688 million for securities firms.
A total of 1,702 companies rose, 3,189 fell and 405 closed flat. All eight major stock categories fell, with construction shares falling 0.8 percent, textile shares 0.5 percent and electronic shares 0.4 percent.
“The market will soon enter the peak of publicly listed companies releasing their financial results. Before that, investors are mostly taking a wait-and-see attitude,” said Hsu Chen-chia, analyst with Grand Cathay Securities.
As for stock picks, Hsu urged investors to stay away from shares of electronic firms, which are now in a slow season. Instead investors may consider shares issued by biotech, construction and steel firms, he said.
Other analysts, meanwhile, recommended fiber optic and networking shares, in the lead-up to the Mobile World Congress taking place on Feb. 25.