Local market retreats on Wall Street weakness
CNATAIPEI, Taiwan -- Shares in Taiwan pulled back Wednesday after Wall Street fell back overnight amid concerns over the debt ceiling problems in Washington, dealers said.
September 26, 2013, 12:05 am TWN
Selling focused on the bellwether electronics sector as investors pocketed gains posted by Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock in the local market, in recent sessions, they said.
Some “Apple concept stocks” — domestic companies in the iPhone and iPad supply chains — also faced resistance after Apple's share price fell on the U.S. market overnight, dealers said.
Non-high-tech stocks appeared resilient, however, outperforming the broader market, as bargain hunters took advantage of their relatively low valuations, they said.
The weighted index closed down 15.22 points, or 0.18 percent, at 8,283.90, after moving between 8,253.43 and 8,285.28 on turnover of NT$74.93 billion (US$2.53 billion).
The weighted index opened down 0.19 percent and fell further to the day's low in a knee-jerk reaction to a weakening Wall Street, with select electronics heavyweights targeted, dealers said.
Buying in cement, textile and financial stocks lent some support to the broader market, helping the index recoup some of its early losses by the end of the session, they said.