Fri, Nov 05, 2004 - Page 11 News List

TAIEX declines as investors cash in on previous gains

AP , TAIPEI

Shares ended marginally lower yesterday as investors cashed in on steep gains in the previous two sessions, analysts said.

The TAIEX finished 2.12 points, or 0.03 percent, lower at 5,860.73 in trading valued at NT$74.02 billion (US$2.22 billion).

Decliners outnumbered advancers 360 to 250, while 176 issues ended the day unchanged.

"Most investors didn't want to push their luck after the index shot up over 200 points in two days," said Richard Tsai, a senior vice president at Grand Cathay Securities (大華證券).

The benchmark index gained 1.8 percent in the last two sessions.

Morgan Stanley Capital International will on Nov. 30 raise Taiwan's limited investibility factor in its global indexes, a move that has already attracted NT$22.71 billion (US$679.18 million) to Taiwan's share markets so far this week from foreign institutional investors, analysts said.

Andrew Teng (鄧安瀾), a manager at Taiwan International Securities Corp (金鼎證券), said the local bourse hit technical resistance around 5,890 yesterday, but is poised for a rebound in the next few sessions.

Teng said technology bluechips like Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) are still going strong, finishing higher for the seventh straight session.

TSMC, the world's largest contract chipmaker, rose 1.3 percent to NT$47.50 after its American Depositary Receipts gained 2 percent overnight. Rival United Microelectronics Corp (聯電) slid 0.5 percent to NT$20.90.

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