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May 26, 2017

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TAIEX ends lower for seventh straight day

TAIPEI -- Share prices in Taiwan fell for the seventh consecutive day yesterday, with the benchmark index closing below the 7,100-point mark.

The weighted benchmark TAIEX ranged between a high of 7,165.10 and a low of 7,091.19 before finishing down 42.39 points, or 0.59 percent, at 7,091.67.

Turnover was NT$70.48 billion during the day's session, with the value of securities purchased on margin dropping substantially, said Lu Cheng-liang, a manager of the Taishin Mainstream Fund.

A total of 1,529 stocks closed up, 2,844 finished down, and 353 remained unchanged on Taiwan's stock exchange.

Most of the market's eight major stock categories closed down, with plastics and chemical shares suffering the heaviest losses at 1.4 percent.

The cement sector was the only category to finish in positive territory, ending 0.3 percent higher.

Financial shares and paper and pulp stocks both shed 0.6 percent, while food shares closed down 0.1 percent.

Textile stocks lost 1.2 percent, the construction sector closed down 0.4 percent, and the pivotal machinery and electronics sector fell 0.7 percent.

The local bourse saw its losses limited by surges in large-cap stocks with the help of injections of funds from government-run funds, Lu said.

Among them, Taiwan Semiconductor Manufacturing Co. (TSMC), the world's top contract chip maker, closed up 0.92 percent at NT$88.1. The world's biggest chip packager, Advanced Semiconductor Manufacturing Co. rose 4.47 percent to end at NT$21.05.

Asustek Computer Inc., the world's No. 5 PC vendor and the No. 1 motherboard maker, closed up 1.13 percent at NT$313.0. MediaTek Inc., the nation's biggest handset chip designer, gained 3.45 percent to end at NT$329.5.

Taiwan Cement Corp. closed up 1.37 percent at NT$36.95. Formosa Petrochemical Corp. rose 0.72 percent to finish at NT$83.5.

The TAIEX will be affected in the near-term by companies' third-quarter results and their guidance for the fourth quarter, Lu said.

Investors are still taking a wait-and-see attitude, reflected by the NT$4 billion pulled out of the market by margin traders on Friday, and it could affect the direction of stocks in Taiwan in the near-term, Lu said.

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