Thu, May 10, 2012 - Page 11 News List

Greece’s debt woes drag down TAIEX to below 7,500

Staff writer, with CNA

Rising concern over the debt problems in Greece dampened market sentiment yesterday, pushing the TAIEX lower to close below the 7,500-point mark, dealers said.

Bucking the downtrend on the broader market, certain large- cap tech stocks, such as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), smartphone maker HTC Corp (宏達電) and cellphone camera lens supplier Largan Precision Co (大立光), showed resilience and helped cap the index’s losses, they said.

The weighted index fell 70 points, or 0.93 percent, to 7,475.71, after moving between 7,448.90 and 7,513.71, on turnover of NT$68.28 billion (US$2.33 billion).

The market opened down 1.06 percent in a knee-jerk reaction to the losses suffered by several major European counterparts overnight after Greek leftist leader Alexis Tsipras laid out radical measures, including a possible cancelation of international loan agreements, if he becomes prime minister, dealers said.

Downward pressure in the local bourse continued throughout the trading session as investors took cues from the declines posted by other regional markets, including Japan and Hong Kong, they said.

Among the outperforming large-cap stocks, TSMC rose 0.24 percent to end at NT$84.60, HTC gained 0.56 percent to close at NT$452.50 and Largan closed up 1.58 percent at NT$481.00.

In the foreign exchange market, the New Taiwan dollar fell against the US dollar yesterday, shedding NT$0.03 to close at NT$29.400.

Turnover totaled US$652 million, down from US$846 million in the previous session.

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