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Local shares close down, greenback falls to NT$30.320

TAIPEI--Taiwan shares closed lower Monday as investors remained cautious after the benchmark index reached a 33-month high last week, dealers said.

The U.S. dollar fell against the Taiwan dollar Monday, shedding NT$0.06 to close at NT$30.320. Turnover totaled US$764 million during the trading session.

The greenback opened at NT$30.380, and moved between NT$30.222 and NT$30.389 before the close.

The weighted index of the Taiwan Stock Exchange closed down 12.10 points, or 0.13 percent, at the day's high of 8,876.44 on turnover of NT$94.36 billion (US$3.12 billion), after touching a low of 8,828.59.

Mega International Investment Services Corp. analyst Alex Huang said the turnover of below NT$100 billion during three of the four sessions last week showed that investors were not bullish about the market, even though the index reached its highest level since June 10, 2011. The market was closed Friday for Children's Day.

Buying in several tech stocks helped the index over the early loss during the session, with panel maker Innolux Corp. surging 4.59 percent to close at NT$11.4, making it the day's most-traded stock in terms of volume.

Another panel company, AU Optronics Corp. (友達光電), saw the session's second-largest trading volume, closing 0.42 percent higher at NT11.85, while touch screen maker TPK Holding Co. (宸鴻) gained 2.17 percent to reach NT$188.

HTC Rises 3.57 Percent at NT$159.5

Smartphone vendor HTC Corp. (宏達電) rose 3.57 percent to end at NT$159.5, as investors expected a jump in the company's March sales that were scheduled to be released later in the day.

Hon Hai Precision Industry Co. (鴻海精密), the world's largest contract manufacturer of consumer electronics, climbed 0.12 percent to NT$86.30, after a front page report in that day's edition of the Economic Daily News said the company plans to acquire a stake in China Network Systems (CNS), Taiwan's second-largest cable TV service provider.

The report said both Hon Hai and CNS had declined to comment on the market rumor.

Meanwhile, Taiwan Semiconductor Manufacturing Co. (台積電), which has the heaviest weighting in the local bourse, fell 0.84 percent to close at NT$117.5, while contract computer maker Quanta Computer lnc. ended 1.22 percent lower at NT$81.10.

In separate news, Aerospace Industrial Development Corp. (AIDC, 漢翔航空工業) submitted an application for a share listing on the Taiwan Stock Exchange, the first by a state-owned company since late 2008, according to a statement released that day.

AIDC, the largest aircraft parts maker in Taiwan, posted a net profit before tax of NT$1.39 billion and earnings per share of NT$1.42.

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