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May 30, 2017

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Taiwan shares continue to retreat

TAIPEI--Shares in Taiwan retreated Monday for the second consecutive session after breaching the 9,300-point mark last week and hitting a level unseen since more than six years ago.

The weighted index of the Taiwan Stock Exchange closed down 45.44 points, or 0.48 percent, at 9,228.35 after moving between 9,225.73 and 9,302.65 on turnover of NT$110.34 billion (US$3.68 billion).

The local market is likely to see a minor downward correction as investors opt to sell their holdings and cash in their recent gains, dealers said.

Although many high-priced stocks lost ground, shares of Largan Precision Co. (大立光電) managed to reach a record high of NT$2,310 at one point during the trading session before closing at NT$2,255.

Shares of Hon Hai Precision Industry Co (鴻海精密) — a major supplier of Apple Inc. — rose 4.5 percent to hit NT$98.6 at mid-session before falling back to NT$97.60 at the close.

The photovoltaic sector, meanwhile, took a beating as the solar sector's performance continued to feel the effects of higher-than-expected preliminary anti-subsidy tariffs imposed by the United States on Chinese solar panel imports in early June.

Taiwanese manufacturers have been affected because Chinese solar suppliers were evading punitive duties first assessed in late 2012 by using sources in third countries such as Taiwan to source panel components.

There were also concerns that less solar capacity will be installed domestically than had been anticipated.

Giga Solar Materials Corp. (碩禾電子), Sino-American Silicon Products Inc. (中美矽晶), Green Energy Technology (綠能科技), Gigastorage Corp. (國碩科技), Neo Solar Power Corp. (新日光能源), E-Ton Solar Tech Co. (益通光能), Solartech Energy Corp. (昇陽光電) and Taienergy Tech Co. (太極能源) all saw their share prices plunge by the daily maximum of 7 percent.

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