Share prices closed 0.87 percent lower yesterday as support for the technology majors ran out of steam after an indifferent Wall Street performance on Friday left the market without a lead following last week's rebound, dealers said.
They noted stocks were generally weaker across the region and the Taipei bourse appeared to be consolidating the technical gains made last week after sustained losses. The weighted index closed down 51.35 points at 5,860.39, after trading between 5,842.37 and 5,905.36, on turnover of NT$54.50 billion (US$1.62 billion).
The cement sector was down 1.38 percent, financials shed 1.02 percent and electronics fell 0.99 percent. Tourism outperformed, up 0.37 percent on increased hopes that more Chinese tourists will be allowed to visit following a recent trip by tourist officials from China.
Kai Yuan Securities Investment Consultant Co (
"The index gained nearly 300 points last week, leading to cautious sentiment today," he said.
He said the bellwether stocks that led last week's rebound on the back of foreign interest had failed to attract follow-through support.
"There was no interest in chasing prices much higher," he said, adding that after a modest correction, the market should turn firmer once again.
Taiwan Semiconductor Manufacturing Co (台積電) closed up NT$0.20 at NT$54.40 on expectations of strong revenue last month while United Microelectronics Corp (聯電) lost NT$0.65 to NT$17.25.
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