TAIEX edges lower on concerns over corporate earnings

Share prices closed 0.11 percent lower yesterday as concerns over corporate earnings offset earlier gains made on the back of Wall Street's improved performance, dealers said. The TAIEX closed down 6.44 points at 6,013.49 on turnover of NT$63.49 billion (US$2.02 billion).

Investors are staying on the sidelines ahead of company results for last year and for the first quarter of this year, they said.

The New Taiwan dollar traded NT$0.014 higher to close at NT$31.571 against the US currency, compared with NT$31.585 on April 4, according to Taipei Forex Inc.

Foreign investors turned into net sellers of Taiwanese stocks after being net buyers on April 1 and April 4, selling a net NT$475 million (US$15 million) yesterday, according to the stock exchange.

An absence of stocks outperforming in major sectors also suggests investors are taking a cautious approach, said Tom Tang (湯建源), president at Kai Yuan Securities Investment Consultant Co (開元投顧). Currency and oil price movements will be among the factors affecting the stock market, he added.

First Financial lost 1.6 percent to NT$24.40, as chairman Steve Shieh (謝壽夫) has been under pressure from lawmakers to quit after he swore while answering questions in a legislative session last week.

Evergreen Marine Corp (長榮海運), the nation's largest shipping company, fell 1.8 percent to NT$30.25. A company in the Evergreen Group (長榮集團), Evergreen International SA, pleaded guilty to 24 felony counts of illegally discharging oily bilge water into international waters and will pay US$25 million in fines and community service grants.