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May 29, 2017

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Local shares trend lower after losses on the US stock market

TAIPEI, Taiwan -- Shares in Taiwan ended lower in thin trading Monday as investors stayed on the sidelines following recent losses on the U.S. stock market.

The U.S. dollar rose against the New Taiwan dollar Monday, gaining NT$0.101 to close at the day's high of NT$30.233. Turnover totaled US$745 million during the trading session.

The greenback opened at NT$30.150, and moved to a low of NT$30.065 before rebounding.

The weighted index on the Taiwan Stock Exchange closed down 50.63 points, or 0.56 percent, at 8,857.42 after moving between 8,852.66 and 8,899.51 on turnover of NT$78.05 billion (US$2.59 billion).

All of the markets major categories fell Monday, with the machinery sector losing 1.98 percent, the bellwether electronics sector dropping 0.67 percent and financials falling 0.4 percent.

Old economy sectors fell even further, with cement shares losing 2.2 percent and paper and pulp stocks dipping 0.9 percent.

Though the benchmark index lost ground, foreign institutional investors continued to inject funds into Taiwan's stock market, buying a net NT$6.92 billion in shares on Monday.

It was the 16th consecutive trading session in which foreign investors were net buyers of local shares.

Analysts said recent losses on the U.S. stock market have increased the likelihood of a downward correction in Taiwan's stock market.

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