Share prices closed 0.18 percent lower yesterday, giving up early gains on fresh concerns that foreign investors may continue to shun the market given increasing uncertainties about earnings prospects, dealers said.
They said the Thursday bomb attacks in London revived fears of a possible resurgence in global terrorism but sentiment proved resilient on that front after the European and US markets recovered overnight after initial heavy losses on the news.
The TAIEX closed down 11.20 points at 6,201.40, on turnover of NT$72.43 billion (US$2.56 billion).
For the week ending July 8, the index shed 70.74 points or 1.13 percent, following a 1.08 percent decline in the previous week. Average daily turnover stood at NT$72.11 billion, up from NT$67.25 billion a week earlier.
"The Taipei bourse was not really that affected by the London bombings, like most of our neighbors," said Alvin Teng (
Shares continued to consolidate in rangebound trading on earnings uncertainties both at home and on Wall Street, he said. The stocks are expected to continue to trade rangebound next week amid earnings uncertainties and concerns over oil prices and waning foreign investor support.
"Several major companies will release June and half-year earning reports next week and that will definitely affect the overall performance of the market," said Daniel Tseng (
"The local bourse is likely to continue trading in a narrow range amid lingering concerns for oil price hikes and decreasing foreign fund flows," Tseng said.
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