TAIEX fails to reach 8,000 points as stocks fall on back of thin trade
The China Post news staffTAIPEI, Taiwan -- The TAIEX fell yesterday in another failed attempt to take hold of the 8,000 level due to narrowed trade volume.
February 26, 2013, 12:19 am TWN
At the end of the session, the weighted index fell 39.21 points, or 0.49 percent, to 7,947.68.
The TAIEX had risen at one point of the trade, yet declined in the afternoon on a thin trade volume of NT$72.378 billion.
Among local institutional investors, foreign investors had a net sale of NT$2.814 billion, offsetting net purchases of NT$536 million and NT$688 million by investment trusts and securities firms, respectively. Together the three had total net sale of NT$1.59 billion.
By category, stocks gave mixed performances. Food shares rose 0.31 percent, while biotech shares and banking shares fell 0.79 percent and 0.54 percent, respectively.
Semiconductor design, equipment and manufacturing shares rose as the Mobile World Congress kicked off in Barcelona yesterday.
Two participants at the event, Asus and Acer, closed at NT$350 and NT$25.75, up zero dollars and NT$0.1, respectively.
MediaTek and MStar both rose on anticipation a merger between the two is impending, despite clarification by MediaTek that the merger will not happen anytime soon. MediaTek rose NT$10 to NT$336.5, while MStar rose NT$14.5 to NT$230.
Taiwan Semiconductor Manufacturing Co. and Largan declined and closed at NT$105 and NT$801, respectively. HTC closed at NT$275.5.
“Investors mostly retreated to the sidelines yesterday, taking a wait-and-see attitude, as there will be no trading on Thursday,” said Lin Cheng-yin, a local analyst.
Thursday, Feb. 28, is a national holiday commemorating the 228 Incident of 1947.