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TAIEX retreats on weakening large-cap high-tech companies

TAIPEI, Taiwan -- The local benchmark TAIEX on Thursday closed down 41.33 points, or 0.48 percent, at 8,514.68 due to a sell-off in the large-cap electronics sector led by Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電).

The Taiwan stock exchange capitalization weighted stock index (TAIEX) closed down 41.33 points, or 0.48 percent, at 8,514.68, after moving between 8,506.02 and 8,569.11 on turnover of NT$134.15 billion.

The market opened down 0.21 points and selling escalated, with large-cap stocks in the high-tech sector such as TSMC in focus, pushing the index lower at the end of the session, dealers said.

"After yesterday's gains, the market simply fell on technical factors as investors seized the Wall Street weakness as an excuse to sell," Concord Securities analyst Kerry Huang told the Central News Agency.

"Sentiment here was also cautious as the job data could serve as one of the most important indicators of what the U.S. Federal Reserve will do in its next policymaking meeting scheduled for later in the month," Huang said.

Among the weakening market heavyweights, TSMC, the most heavily weighted stock in the local market, shed 2.88 percent to close at NT$101.00. But Huang said he still has faith in TSMC shares, as the world's largest contract chip-maker will continue to benefit from its lead over peers in production technology.

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