Shares fell yesterday, dragged down by Wall Street's overnight tumble on concern about higher oil prices. Electronics stocks were among decliners.
The TAIEX fell 33.17 points, or 0.5 percent, to 6,340.69, on turnover of NT$69.54 billion (US$2.22 billion).
"The impact of the [declines of the] US market on Taiwan's shares is strong," said Invesco Taiwan (
The electronics sector retreated 0.7 percent, with Chunghwa Picture Tubes Ltd (中華映管) down 1.4 percent at NT$14.05, United Microelectronics Corp (聯電) off 1.4 percent at NT$23.90 and Taiwan Semiconductor Manufacturing Co (台積電) losing 1.1 percent at NT$56.60.
Tourism stocks gained as investors expect positive developements on Beijing's recent proposal to lift its ban and allow Chinese tourists to the island, dealers said.
Wu expects next week's trading to be within the 6,250-6,400 range, with little chance of breaking above 6,400 in the near term.
"The far from significant losses today mean that investors remain hopeful of a still positive trend, at least in the near term," said Oliver Fang, a Yuanta Core Pacific Securities (元大京華證券) assistant vice president, who serves mainly foreign institutions.
For one, investors do not expect a decisive change of heart among foreign investors, not until they have reaped their futures positions on Wednesday, he said.
It remains possible for the market to regain momentum early next week, so long as Wall Street is spared a prolonged downtrend and oil prices remain below US$60 a barrel, he added.
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