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Local market ends flat in consolidation mode

TAIPEI, Taiwan -- Shares in Taiwan closed little changed Thursday after moving in a narrow range as the bellwether electronics sector remained lackluster, dealers said.

Financial stocks outperformed the broader market as investors picked up securities stocks on hopes that a new measure to allow investors to conduct day trading in a wider range of stocks will boost turnover and improve securities companies' bottom lines, they said.

The weighted index on the Taiwan Stock Exchange closed up 1.03 points or 0.01 percent at 8,612.54, after moving between 8,587.54 and 8,632.81 on turnover of NT$91.21 billion (US$3.05 billion).

The market opened up 0.08 percent and rose to the day's high on a mild technical rebound, but selling followed to cap the gains and make the index fluctuate narrowly throughout the session, dealers said.

Among financial heavyweights, Cathay Financial Holding Co. (國泰金控) rose 1.76 percent to end at NT$49.10, though Fubon Financial Holding Co. (富邦金控) fell 0.11 percent to close at NT$43.55.

In the high-tech sector, Taiwan Semiconductor Manufacturing Co. (TSMC,台積電), the most heavily weighted stock in the local market, lost 0.95 percent to end at NT$104.50, and contract laptop maker Quanta Computer Inc. (廣達電腦) shed 1.15 percent to close at NT$68.70.

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