Tue, Oct 24, 2006 - Page 11 News List

Trading flat as investors sidelined ahead of Fed meet

AFP , TAIPEI

Share prices closed flat in moderate trade yesterday as investors took to the sidelines ahead of a US Federal Reserve meeting on interest rates later in the week, dealers said.

They said a series of earnings reports from the key bellwether electronic stocks are also due, meaning that there was little reason to take any aggressive positions.

The weighted index edged up 0.89 points at 7,040.26, off a low of 7,008.13 and a high of 7,043.48, on turnover of NT$71.09 billion (US$2.14 billion).

"Investors were waiting ... for more decisive developments to justify a more aggressive stance," SinoPac Securities (建華證券) assistant vice president Alvin Teng (鄧可欣) said.

These include Wall Street's subsequent showings and earnings releases by the nation's leading tech firms, he said.

Also contributing to the investor caution is the uncertainty over the investigations into Chinatrust Financial Holding Co (中信金控) and China Development Financial Holding Corp (中華開發金控), in relation to alleged irregularities in their moves for other financial services entities, he said.

Taiwan Semiconductor Manufacturing Co (台積電) was down NT$0.60 at NT$61.20 and United Microelectronics Corp (聯電) down NT$0.15 at NT$18.20.

AU Optronics Corp (友達光電) was down NT$0.75 at NT$46.45 and Chi Mei Optoelectronics Corp (奇美電子) down NT$1.25 at NT$35.05.

Acer Inc was up NT$0.50 at NT$57.20.

Chinatrust Financial was down NT$0.10 at NT$24.85, while China Development Financial was steady at NT$13.50.

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