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May 28, 2017

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Equity market closes at day's low, ending streak; dollar up

TAIPEI, Taiwan -- Taiwan shares ended a five-day winning streak Tuesday, closing down 0.13 percent at the day's low of 8,887.79, while the U.S. dollar (USD) rose NT$0.017 to close at the day's high of NT$30.202 in Taipei.

The main weighted index on the Taiwan Stock Exchange closed down 12.11 points, or 0.13 percent, at the day's low of 8,887.79 on turnover of NT$78.22 billion (US$2.59 billion), after reaching a high of 8,930.79.

The USD rose against the Taiwan dollar Tuesday, gaining NT$0.017 to close at the day's high of NT$30.202.

Turnover totaled US$472 million during the trading session.

The greenback opened at NT$30.185 and moved to a low of NT$30.100 before rebounding.

Boryi Chien, an assistant manager in the research department of Cathay Securities Co., said the index is likely to continue in consolidation mode this month, given the lower trading volume and turnover.

President Securities Corp. forecast that the benchmark index will hover around 8,800 in the short term, given the declining turnover.

Textile stocks, which have been hit by the recent unrest in Vietnam, showed a mixed performance, with the sub-index dropping 1.27 percent — the steepest among all sectors.

Eclat Textile Company (儒鴻企業), the most expensive stock in the sector, fell 5.59 percent to NT$304.

Everest Textile Co. (宏遠興業) surged by the daily maximum of 7 percent to close at NT$12.10, after the company forecast an increase in orders from Lululemon Athletica Inc. next year following a trial order for its yarn-dyed fabric from the Canada-based sportswear company.

Meanwhile, there was buying in electronics stocks on upcoming industry events such as Apple's Worldwide Developers Conference June 2-6 in San Francisco and Computex Taipei June 3-7.

Hon Hai Precision Industry Co. (鴻海精密), the world's largest contract manufacturer of consumer electronics, whose clients include Apple Inc. and Hewlett-Packard Co., rose 0.89 percent to close at NT$90.6.

Advanced Semiconductor Engineering Inc. (日月光半導體), the world's largest semiconductor assembly and testing services provider, gained 3.25 percent to finish at NT$36.5 on a positive outlook on the sector.

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