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Profit-taking hurts gains as shares close slightly down

Taiwanese share prices closed little changed yesterday as late profit-taking wiped out early gains that had been driven by hopes for a interest rate cut by the US Federal Reserve next week, dealers said.

The weighted index closed down 2.56 points at 8,583.84, off a high of 8,645.62 and a low of 8,565.08, on turnover of NT$89.80 billion (US$2.78 billion).

Expectations that fund managers would boost share prices to dress up their books also lent early support to the market before caution set in late in the session, dealers said.

The bellwether technology stocks lost ground, taking a cue from the weak finish of their US counterparts on Friday, they said.

Samson Chueh (闕山雄), an assistant vice president with Yuanta Core Pacific Capital Management Co Ltd (元大京華投顧), said global economic and market uncertainties kept investors at bay.

"Investors that bought the oversold stocks previously were eager to pocket profits following the recent recovery of nearly 400 points on the index," he said. "After a continuation of last week's technical rebound on rotational buying interest, investors grew cautious in the absence of other positive leads."

"The memory of November's market volatility is still fresh in people's minds, so they were reluctant to make any aggressive moves in the first trading session of December," Chueh added.

Chipmaker Taiwan Semiconductor Manufacturing Co (台積電) lost NT$0.80 to NT$59.80, while AU Optronics (友達光電) closed up NT$0.70 at NT$63.20 and Nanya Technology (南亞科技) rose NT$0.60 to NT$17.90.
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