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Local shares end lower, but finance bucks trend

TAIPEI--Shares in Taiwan closed lower Wednesday amid renewed concerns over the global economy as investors feared that a budget cut in the U.S. will have an impact on the already fragile economic recovery, dealers said.

While the bellwether electronics sector remained in the doldrums as Hon Hai Precision Industry Co., the world's largest contract electronics maker, failed to react positively to its November sales growth, financial stocks attracted buying on their strong bottom lines, they added.

The weighted index closed down 9.62 points, or 0.11 percent, at 8433.77, after moving between 8,413.52 and 8,501.77 on turnover of NT$83.38 billion (US$2.82 billion).

The electronics sub-index closed down 0.34 percent, led by a 2.13 percent decline incurred by Hon Hai (鴻海精密), which closed at NT$78.20, even though the company posted a high for this year in November sales on increased shipments to U.S.-based Apple Inc.

Bucking the downtrend of the electronics sector, Taiwan Semiconductor Manufacturing Co. (台積電), the most heavily weighted stock in the local market, closed up 0.96 percent at NT$105.00 as investors shrugged off an over 14 percent month-on-month sales decline in November.

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