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Wall Street slide, high oil prices drag TAIEX lower

Shares closed sharply lower yesterday, down 3.39 percent as the market followed Wall Street's slide on concerns over high crude oil prices and a slowing US economy, dealers said.

They said selling was across the board, with the electronics and financial sectors both dropping by more than 3 percent.

The TAIEX closed down 325.14 points at 9,273.09, on turnover of NT$172.94 billion (US$5.34 billion).

For the week, the weighted index closed down 385.42 points or 3.72 percent after a 0.21 percent advance a week earlier. Average daily turnover stood at NT$175.94 billion, compared with NT$146.57 billion a week ago.

The New Taiwan dollar closed the day's trading at NT$32.390 against the US dollar, unchanged from the previous day's level.

"Apparently we could not escape the bear run," an analyst with a leading local house said.

"Some bargain-hunting was seen early on, but it quickly faded, as investors were just so eager to run away from the sight of tumbling markets everywhere," said the analyst, who declined to be named.

For next week's direction, the local bourse will watch Wall Street's performance later yesterday, especially after the release of US jobs data, dealers said.
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