Sat, Apr 18, 2009 - Page 12 News List

TAIEX plummets, local currency follows

STAFF WRITER, WITH CNA

Taiwanese share prices fell sharply yesterday on profit-taking, following a near seven-month closing high the previous day.

The weighted index dropped 241.79 points, or 4.03 percent, to close at 5,755.38, the biggest single-day decline in three months.

The local bourse opened at 6,068.55 and fluctuated between 6,071.06 and 5,707.69 during the session.

A total of 10.48 billion shares changed hands on market turnover of NT$223.65 billion (US$6.91 billion), the highest turnover in a session this year.

Losers outnumbered gainers 1,906 to 433, with 60 stocks remaining unchanged. Foreign investors were net buyers of shares worth NT$10.44 billion. Analysts said the fall in financial shares hurt investor confidence and dragged down prices in other sectors. Cathay Financial Holding Co (國泰金控), the nation’s largest financial holding company, fell 6 percent to close at NT$35.7 and Fubon Financial Holding Co (富邦金控), the second-largest, dropped by the daily limit to NT$25.4.

The TAIEX has risen more than 1,500 points from the low of 4,242.61 points recorded on Jan. 20 and has tested the 6,000-point level several times.

On the foreign exchange market, the New Taiwan dollar lost ground against the US dollar in line with weak stock market performance.

The local unit dropped NT$0.016 to close at NT$33.816 on the Taipei Foreign Exchange yesterday.

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