Share prices closed little changed yesterday as bargain-hunting interest in financials and technology stocks in late trade offset continued profit-taking elsewhere, dealers said.
Dealers said post-election caution served as an excuse for the extended profit-taking, though there were expectations that the market would bounce back toward year's end on window-dressing activity.
Taiwan's mayoral elections at the weekend delivered a mixed result, adding to policy uncertainties.
The weighted index shed 8.26 points (0.11 percent) at 7,450.30, off a high of 7,494.49 and a low of 7,369.09. Turnover was NT$110.56 billion (US$3.4 billion).
"Assets-backed stocks took the hardest hit on lingering concerns over cross-strait policy following the mixed election outcomes," First Taisec Securities (一銀證券) manager Stanley Hsu said. "Generally speaking, we had a seesaw between profit-taking and bargain-hunting for the broad market today."
He said investors had shifted their focus to laggard stocks.
"We probably will see more consolidation for the rest of this week before liquidity-powered interest returns to the market next week," Hsu added.
High Tech Computer Corp (
ProMOS Technologies Inc (茂德科技) rose NT$0.15 to NT$14.05 after a report that it has no objections to United Microelectronics Corp (UMC, 聯電) taking one or two seats on its board.
UMC fell NT$0.30 to NT$19.05, while rival Taiwan Semiconductor Manufacturing Co (台積電) gained NT$0.70 to NT$64.90.
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Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to