Wed, Aug 02, 2006 - Page 11 News List

Shares prices edge downward ahead of first-half results

AFP , TAIPEI

Share prices closed 0.20 percent lower yesterday as investors adopted a cautious approach ahead of the release of corporate results for the first half, dealers said.

They said the market traded in a narrow range after Wall Street's lackluster overnight performance, with most wanting to see what the US Federal Reserve decides on interest rates next week.

The weighted index fell 13.12 points to 6,441.46, off a high of 6,478.34 and a low of 6,435.93, on turnover of NT$57.36 billion (US$1.75 billion).

The tourism sector was up 4.09 percent, on hopes that more Chinese tourists will be allowed to visit the nation.

"Investors were reluctant to push the upside as they wait for a clearer picture on the economic and industry fronts," said Jack Tam, an assistant vice president at Yuanta Core Pacific Capital Management Co (元大京華投顧).

"Corporate prospects had a bearing on sentiment" as investors wait on the sidelines ahead of the release of corporate results and sales data.

He said bargain-hunting could be seen in selected stocks which had gone ex-dividend yesterday, lending support to the benchmark index.

But some investors refrained from taking aggressive positions amid the summer break, leaving the stock market to consolidate in quiet trade, Tam noted.

Shares in Taiwan Semiconductor Manufacturing Co (台積電) rose NT$0.30 to NT$55.10.

United Microelectronics Corp (聯電) fell NT$0.15 to NT$17.85 ahead of going ex-dividend today.

Hotel Holiday Garden (華園) rose NT$2.05 to NT$32.00, Leofoo Development Co (六福開發) gained NT$1.55 to NT$24.35. All were limit-up.

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