Share prices closed 0.04 percent lower yesterday as futures-related trade and a technical correction offset early gains on Wall Street's rise amid easing oil prices, dealers said.
They said investors chose to sell down this month's futures contracts ahead of settlements tomorrow, which impacted on the broader market where steel stocks outperformed.
The TAIEX closed down 2.73 points at 6,242.40, on turnover of NT$64.59 billion (US$2.02 billion).
"Riding on the early gains, investors reduced positions, most likely to limit losses, amid technical pressure," said Barits International Securities (
"Investors were unnerved by yesterday's weakness that dragged down the benchmark index below 6,300 points."
Large-cap stocks were among the hardest hit, given the futures-related selling.
However, Huang said expectations of corporate/industrial improvements in the peak season should curtail the downward pressure.
"Support could be possible for the market below 6,200 points, given the medium to long-term technical support."
China Steel Corp (
EVA Airways Corp (長榮) rose NT$0.35 to NT$14.00 after its shares went ex-dividend, following a NT$0.4904 per share cash dividend and 0.9808 percent stock dividend.
An announcement by the Ministry of Transportation and Communications that domestic airlines can start to apply for approval to fly via China's airspace en route to other destinations was offset by a report that China is about to award fifth freedom rights to international carriers operating out of Shanghai's Pudong Airport.
EVA Airways peer China Airlines (
Hua Nan Financial Holdings Co (
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STILL HOPEFUL: Delayed payment of NT$5.35 billion from an Indian server client sent its earnings plunging last year, but the firm expects a gradual pickup ahead Asustek Computer Inc (華碩), the world’s No. 5 PC vendor, yesterday reported an 87 percent slump in net profit for last year, dragged by a massive overdue payment from an Indian cloud service provider. The Indian customer has delayed payment totaling NT$5.35 billion (US$162.7 million), Asustek chief financial officer Nick Wu (吳長榮) told an online earnings conference. Asustek shipped servers to India between April and June last year. The customer told Asustek that it is launching multiple fundraising projects and expected to repay the debt in the short term, Wu said. The Indian customer accounted for less than 10 percent to Asustek’s
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LEAK SOURCE? There would be concern over the possibility of tech leaks if TSMC were to form a joint venture to operate Intel’s factories, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday stayed mum after a report said that the chipmaker has pitched chip designers Nvidia Corp, Advanced Micro Devices Inc and Broadcom Inc about taking a stake in a joint venture to operate Intel Corp’s factories. Industry sources told the Central News Agency (CNA) that the possibility of TSMC proposing to operate Intel’s wafer fabs is low, as the Taiwanese chipmaker has always focused on its core business. There is also concern over possible technology leaks if TSMC were to form a joint venture to operate Intel’s factories, Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺)
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