Shares decrease while US dollar closes at day's high of NT$29.482
CNATAIPEI, Taiwan -- Shares in Taiwan closed lower Monday as investors were less willing to put their money in the local stock market after it finished at its highest close in more than two years Friday.
October 22, 2013, 12:06 am TWN
The U.S. dollar rose against the Taiwan dollar Monday, gaining NT$0.036 to close at the day's high of NT$29.482. Turnover totaled US$563 million during the trading session. The greenback opened at NT$29.450, off to a low of NT$29.380 before rebounding.
The weighted index on the Taiwan stock exchange fell 21.87 points, or 0.25 percent, at 8,419.32 on turnover of NT$77.59 billion (US$2.64 billion) after trading between a low of 8,419.32 and a high of 8,459.30.
The index closed at 8,441.19 on Friday, its highest finish since Aug. 3, 2011.
Lin Yen-hao, a fund manager with Yuanta Securities Investment Trust Co., said investors have shifted their focus to market fundamentals and earnings reports now that the U.S. debt ceiling scare has passed and domestic political strife has eased for the time being.
Trading on Monday was concentrated in electronics stocks, which accounted for 70 percent of the transactions during the session, with large-cap stocks mixed.
Taiwan Semiconductor Manufacturing Co., which has the heaviest weighting on the local market, closed flat at NT$110, while the world's largest contract manufacturer of consumer electronics Hon Hai Precision Industry Co. edged 0.13 percent higher to NT$75.10.