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Cautious sentiment erodes earlier gains in local market

Shares in Taiwan closed lower Thursday as cautious sentiment prompted investors to lock in their earlier gains, pushing the broader market into the red at the close, dealers said.

The weighted index on the Taiwan Stock Exchange ended down 12.53 points, or 0.13 percent, at 9,131.44, after moving between 9,108.85 and 9,172.88, on turnover of NT$80.57 billion (US$2.69 billion).

Market Downtrend Continues

“Due to the current fragile investor confidence, it is possible for the local market to fall further. The nearest technical support could be seen at around 9,000 points,” Concord Securities analyst Kerry Huang said.

After local shares suffered a more-than 2 percent drop two days earlier, investors have been keeping alert over the movement of the local equity market, the dealers said, adding that such caution has prevented them from chasing prices, even though the market staged a rebound in the early Thursday session, they said.

The market opened up 0.18 percent and rose to the day's high on follow-through buying from a session earlier, but with the index moving closer to 9,200 points, selling emerged, in particular in select large-cap high-tech stocks, to erode the earlier gains, the dealers said.

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