Taiwanese shares moved slightly lower yesterday as investors pocketed initial gains built on a technical rebound in US markets overnight.
However, turnover remained thin amid fears over possible negative leads during the four-day Mid-Autumn Festival holiday, which starts on Saturday, dealers said.
The TAIEX closed down 11.41 points, or 0.07 percent, at 17,434.90, with turnover of NT$257.229 billion (US$9.28 billion).
Foreign institutional investors bought a net NT$6.54 billion of shares on the main board, Taiwan Stock Exchange data showed.
“Despite the initial gains, investors appeared reluctant to chase prices before the upcoming four-day long weekend,” Cathay Futures Consultant Co (國泰證期顧問) analyst Tsai Ming-han (蔡明翰) said.
“With many investors turning away from the trading floor, turnover remained light, which was not favorable for tech heavyweights to sustain their earlier upturn,” Tsai said, adding that a breakthrough is not expected soon.
The tech sector accounted for less than 50 percent of total turnover, prompting the consolidation on the main board, he said.
The electronics index closed down 0.02 percent at 825.24, with the semiconductor subindex down 0.05 percent, the data showed.
“Old economy stocks, in particular in the steel and shipping industries, encountered profit taking, which placed pressure on the broader market,” Tsai said, referring to a retreat among many local investors who previously favored the stocks.
The transportation sector closed down 4.14 percent, while the steel sector lost 1.61 percent, the data showed.
“I expect trading will continue to be quiet before the holiday, with the TAIEX perhaps moving around the 60-day moving average of 17,411 points,” Tsai said. “As foreign institutional investors are largely standing on the buy side, it is unlikely the main board will suffer a major pullback after the holiday ends.”
Apple Inc’s iPhone 13 debut was met with a stock slump on Tuesday, keeping with a tradition of poor share price performance on the day new devices are unveiled. Shares of the technology giant sank after Apple executives, including chief executive officer Tim Cook, presented the new lineup of phones and other devices. The stock fell 1 percent to close at US$148.12 in New York trading. Prior to Tuesday, Apple’s shares fell on three-quarters of the days Apple unveiled new iPhones, data compiled by Bloomberg showed. Excluding Apple’s 8.3 percent rally on the day cofounder Steve Jobs announced the first iPhone in
As Google expands its footprint in Taiwan, it plans to recruit software and hardware talent for its Google Nest smart device team, a chip development team, and teams to support its Pixel and Chromebook products, Google Taiwan said yesterday. Supply chain management talent will also be in demand, the company said at an online event. “There will always be openings for software engineers, hardware engineers and project managers,” Google Taiwan human resources head Vanessa Lu (呂亞樵) said. “The strength of the Taiwanese industry is very clear,” Lu said, adding that the company would continue to invest in Taiwan. Lu also doused some
BEATING SCHEDULE: Government plans are for nacelle assemblies to be totally local from next year, but Orsted Taiwan said that it was going ‘above and beyond’ Wind turbine manufacturer Siemens Gamesa Renewable Energy SA yesterday inaugurated Taiwan’s first nacelle assembly plant at the Port of Taichung, its first assembly facility for offshore nacelles outside Europe. Vice Premier Shen Jong-chin (沈榮津), a long-time champion of Taiwan’s ambitions to become a regional hub in the offshore wind farm industry, described the plant as a “milestone” at a ceremony at the plant. “The completion of Siemens Gamesa’s nacelle assembly plant is a milestone for the development of the offshore wind farm industry in Taiwan and a step toward localizing the supply chain,” Shen said. “This is only the beginning. My great hope
ROBUST DEMAND: 5G, AI and Internet of Things technologies are driving growth and employment, as the company plans a new plant in Hsinchu County Contract electronics manufacturer Wistron Corp (緯創) plans to invest about NT$11.1 billion (US$400.58 million) in Taiwan, in line with its global deployment strategy, the Ministry of Economic Affairs said on Friday. The company’s investment is also a demonstration of robust demand for 5G, artificial intelligence (AI) and Internet of Things applications, the ministry said in a statement. Wistron, spun off from Acer Inc (宏碁) in 2001, is a notebook computer original design manufacturing partner to major PC brands. The company, which is based in Taipei’s Neihu District (內湖), also produces servers, data storage devices, game consoles and communications products for brand clients