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Investors cautious on Taiwan shares following holiday

Taiwan share prices closed flat yesterday in reduced trade as investors turned cautious following Monday's rally in the wake of the long Lunar New Year holidays, dealers said.

Investors opted not to push the upside further after seeing a general retreat among regional markets following declines on Wall Street overnight, they said.

The weighted index closed up 1.76 points or 0.02 percent at 7,901.96, off a low of 7,881.92 and a high of 7,939.50, on turnover of NT$116.44 billion (US$3.54 billion).

"It made perfect sense for the market to experience a hiatus after a dramatic upturn yesterday following an 11-day break," Jih Sun Securities Investment Consulting Co (日盛投顧) deputy manager Wilson Lien said.

The Taipei bourse demonstrated considerable resilience against losses among regional markets this morning and Wall Street's overnight weakness, he said.

"We have not had as much gains and so we had no reason to suffer heavier losses," he said.

An increase in turnover would be necessary to help the market break through the 8,000-point resistance in the near term and sustain itself above that level, he added.

Taiwan Semiconductor Manufacturing Co (台積電) closed up NT$0.40 at NT$69.30, and United Microelectronics Corp (聯電) was up NT$0.10 at NT$20.20.

Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) was up NT$1.15 at NT$39.05. Earlier this month, the Carlyle group agreed to terminate the arrangements made with ASE under a potential offer by a Carlyle-led consortium for all the outstanding common shares of ASE, at NT$39 per share.
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