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Local market closes little changed below 8,500 amid electronics slump

TAIPEI--Shares in Taiwan closed little changed Tuesday as investors locked in earlier gains after the index moved closer to the nearest technical resistance of around 8,500 points, dealers said.

The U.S. dollar rose against the Taiwan dollar Tuesday, gaining NT$0.03 to close at the day's high of NT$30.039.

The bellwether electronics sector was in the doldrums with large-cap stocks, in particular Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted stock in the local market, facing downward pressure, they said.

Profit taking also spread to the old economy and financial sectors to reverse gains posted earlier in the session, they added.

The weighted index closed down 5.97 points, or 0.07 percent, at 8,450.49 after moving between 8,313.87 and 8,501.77 on turnover of NT$61.57 billion.

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