Local market ends almost flat while US dollar falls to close at NT$30.026
August 27, 2014, 12:04 am TWN
TAIPEI--Shares in Taiwan closed nearly flat at 9,393.96, while the U.S. dollar fell against the Taiwan dollar Tuesday, shedding NT$0.002 to close at NT$30.026.
Shares in Taiwan closed nearly flat Tuesday after trading in a narrow range amid consolidation mode, dealers said.
The weighted index on the Taiwan stock exchange closed up 3.34 points, or 0.03 percent, at 9,393.96, after moving between 9,386.49 and 9,418.77 on turnover of US$89.56 billion (US$2.99 billion).
Companies in the supply chain for smartphones were relatively strong despite the overall lackluster showing.
Largan Precision Co. (大立光電), which supplies smartphone camera lenses to Apple Inc., saw its shares rise 3.66 percent to NT$2,550. Metal casing maker Catcher Technology Co. (可成科技), another of Apple's suppliers, moved up 1.35 percent to NT$300.5.
In the old-economy sector, Eclat Textile Co. (鴻儒企業) soared by the daily maximum of 7 percent to NT$235.
According to market analyst Lin Cheng-yin, the stock index is challenging the 9,400 point-mark as the market continues to rebound from previous losses.
However, it may take some time and stronger turnover to overcome technical resistance, Lin said.
The U.S. dollar fell against the Taiwan dollar Tuesday, shedding NT$0.002 to close at NT$30.026. Turnover totaled US$621 million during the trading session.
The greenback opened at the day's high of NT$30.028 and moved to a low of NT$29.900 before rebounding.