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TAIEX hits three-month low amid volatility concerns

Taiwanese share prices closed 1.85 percent lower yesterday to a three-month low as optimism over domestic economic growth gave way to concern about global volatility, dealers said.

The TAIEX closed down 157.17 points at the day's low of 8,342.20, and off a high of 8.559.05, on turnover of NT$106.77 billion (US$3.3 billion).

"Bargain hunters must have been burnt badly if they had tried their luck in this erratic market recently," said Oliver Fang, an assistant vice president at Yuanta Core Pacific Securities (元大京華證券).

DECLINERS AND RISERS

Decliners led risers 1,826 to 281, with 292 stocks unchanged. A total of 42 stocks closed limit-down and five limit-up.

On the foreign exchange market, the New Taiwan dollar closed the day's trading at NT$32.324 to the US dollar, up NT$0.016 from the previous close of NT$32.340.

Better than expected domestic third-quarter economic growth announced on Thursday, helped the market to a firm start but it then fell away, dealers said.

DOWN

Among the fallers, Taiwan Semiconductor Manufacturing Co (台積電) fell NT$0.30 to NT$59.60 and United Microelectronics Corp (聯電) dropped NT$0.20 to NT$19.70.

China Steel Corp (中鋼) closed up NT$0.40 at NT$41.60 but Taiwan Cement Corp (台泥) was down NT$1.35 at NT$44.05.

For the week to yesterday, the weighted index was down 422.62 points or 4.82 percent after a 2.3 percent decline a week earlier.

Average daily turnover stood at NT$117.84 billion, compared with NT$128.83 billion a week earlier.
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