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Profit-taking by investors drives share prices down

Share prices closed 0.34 percent lower in active trade yesterday as a spate of profit-taking shortly before the finish reversed early gains, dealers said.

They said that with crude oil prices at record highs, investors opted to lock in profits in the the absence of any convincing fresh leads to push the market much further beyond 6,000 points for the time being. The TAIEX closed down 20.40 points at 6,060.61, off a high of 6,135.55, on turnover of NT$140.02 billion (US$4.13 billion).

"Most shares, in particular old-economy industrials and financials, lost ground as many investors decided to take their money and run," said Oliver Fang, Yuanta Core Pacific Securities (元大京華證券) assistant vice president.

Profit-taking was to be expected when it became clear the market was not ready to go much higher after having breached 6,000 points earlier this week, Fang said.

"All in all, shares have largely priced in most possible negative leads and are now awaiting signs of any improvement to mount a fresh advance," he added.

Taiwan Semiconductor Manufacturing Co (台積電) closed down NT$0.30 at NT$45 and United Microelectronic Corp (聯電) lost NT$0.10 at MT$21.30.

Powerchip Semiconductor Corp (力晶半導體) up NT$0.10 at NT$28.20 and ProMOS Technologies Inc (茂德科技) up NT$0.50 at NT$15.50. Evergreen Marine Corp (長榮海運) lost NT$0.80 at NT$34.70, Yangming Marine Corp (陽明海運) was down NT$0.20 at NT$34.30, China Airlines (華航) down NT$0.10 at NT$18.40 and EVA Air (長榮航空) NT$0.05 lower at NT$14 on heavy profit-taking in the transport sector.
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