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Local market closes below 8,400 on Fed concerns

TAIPEI, Taiwan -- Shares in Taiwan closed below 8,400 points Thursday in the wake of an overnight fall on Wall Street as fears about a tapering-off of quantitative easing measures by the U.S. Federal Reserve escalated, dealers said.

The U.S. dollar rose against the Taiwan dollar Thursday, gaining NT$0.02 to close at the day's high of NT$29.660 after consolidating throughout the session.

Selling also spread to heavyweights in the old economy and financial sectors to push down the index to its lowest closing level since Nov. 27.

The weighted index closed down 72.44 points, or 0.85 percent, at 8,361.33, after moving between 8,361.66 and 8,406.93, on turnover of NT$66.50 billion (US$2.25 billion).

Large cap electronics stocks, including Taiwan Semiconductor Manufacturing Co. (TSMC,台積電), faced heavier downward pressure as investors took cues from a dive of the tech-heavy NASDAQ index in the U.S., dealers said.

In the plastics sector, which closed down 1.45 percent, Formosa Plastics Corp. (台塑) dropped 1.00 percent to end at NT$78.90 and Nan Ya Plastics Corp. (南亞) shed 1.87 percent to close at NT$68.30.

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