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June 23, 2017

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Local market takes pause, ends slightly lower at end of trading

Shares in Taiwan took a breather to end slightly lower Friday after the local market made a strong showing on the back of liquidity-driven buying in the past four sessions, dealers said.

The weighted index on the Taiwan Stock Exchange closed down 16.18 points, or 0.16 percent, at 9,510.05, after moving between 9,482.94 and 9,550.11 on turnover of NT$115.61 billion (US$3.87 billion).

At Market Highs, Air Thin: FSC

Financial Supervisory Commission Chairman Tseng Ming-chung (曾銘宗) recently offered a mixed picture for the market trend, according to local media. In May, Tseng said that he is upbeat over the prospects of Taiwan's equity markets because the domestic economy is on the way to recovery.

Tseng said that as of July 1, foreign investors have remitted a cumulative US$193 trillion, nearly 37 percent of total market capitalization of the Taiwan Stock Exchange (TWSE).

"At market highs, the air feels thin," Tseng indicated, adding that foreign funds have the power to decide where the market might be headed in the future. Since foreign funds are in a constant state of flux, it is now time for individual investors to pause and pay close attention to the performance of global markets before making a move.

Starting from June, Citigroup, Goldman Sachs and CSLA raised their target for local shares, predicting that the weighted index will reach 10,000, 10,500 and 15,300 points respectively.

The bellwether electronics sector suffered a mild correction as select Apple concept stocks, such as Hon Hai Precision Industry Co. (鴻海精密) and smartphone camera supplier Largan Precision Co. (大立光電) trended lower, the dealers said.

The plastics sector, which underperformed the entire old economy sector, continued a downtrend amid fears that falling international crude prices will affect their pricing power, they said.

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