Cautious investors, Wall Street keep TAIEX flat

Taipei prices closed flat yesterday amid caution ahead of August futures contract settlements today with technical support offsetting early weakness triggered by Wall Street, dealers said.

They said select highly-priced technology stocks staged a technical rebound, with the broad electronics sector closing in positive territory.

The weighted index closed down 0.48 points or 0.01 percent at 6,241.92, off a low of 6,213.59 and a high of 6,256.11, on turnover of NT$68.61 billion (US$2.14 billion).

Decliners gainers 479 to 364, with 164 stocks unchanged. A total of 12 stocks closed limit-up, while eight were limit-down.

President Securities Corp (統一證券) manager Johnny Lee said the thin turnover highlighted the cautious sentiment before the settlement of August TAIEX futures contracts.

"While the Wall Street element dragged down shares in early trade, technical support surfaced to limit the downside," Lee said.

Taiwan Semiconductor Manu-facturing Co (台積電) closed down NT$0.30 at NT$52.70 and United Microelectronics Corp (聯電) was down NT$0.15 at NT$21.75, following overnight declines in their American Depositary Shares.

Taiwan Green Point Enterprises Co (綠點高新科技) closed limit-up NT$5.50 at NT$84.90 on a Chinese-language report that Apple Computer is scheduled to launch a new family of iPod music players with 4GB-6GB storage capacities next month.

Tatung Co (大同) rose NT$0.05 to NT$11.70, after a report that it expect orders from major US vendors including Wal-Mart.