Taiwanese shares closed little changed yesterday on cautious sentiment ahead of resistance at around the psychological 5,000 point mark, dealers said.
The weighted index fell 2.43 points, or 0.05 percent, to 4,992.63, off a low of 4,876.00 and a high of 5,015.12, on turnover of NT$74.33 billion (US$2.27 billion).
Losers led gainers by 913 to 542 with 350 stocks unchanged.
The market opened lower and its downside extended on profit taking after recent significant gains on optimism toward better cross-Strait ties as Taiwan and China were in talks to expand business interaction.
However, buying in select financial and food stocks resurfaced in late trade to help the market recoup early losses as investors took advantage of their relatively attractive valuations, they said.
“We witnessed volatility in the market today. The market has entered a consolidation mode after a recent strong showing,” Grand Cathay Securities Corp (大華證券) analyst Allen Lin said.
Yesterday’s market movements showed investors tended to buy on hopes and sell on news, Lin said.
After the market closed Taiwan and China signed agreements on air links, direct shipping relations, postal services and food security.
“I expect the market will move between 4,900 points and 5,100 points in the rest of this week before it breaks the technological hurdles,” Lin said.
Tourism and transport stocks faced more selling as investors capitalized on recent gains, dealers said.
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