The TAIEX yesterday closed slightly lower after giving up earlier gains as investors locked in profits built in the past few sessions amid eased concerns over US Federal Reserve rate hikes, dealers said.
Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) continued to serve as an anchor preventing the broader market from falling further as selling focused on old economy and financial stocks, dealers added.
The TAIEX ended down 0.21 percent, at 14,504.99, with turnover totaling NT$236.374 billion (US$7.58 billion).
The market opened up 0.34 percent and rose to the day’s high early in the morning session, with TSMC continuing its upward trend as investors were unfazed by losses on US markets, dealers said.
“After a rally in recent sessions, the local main board fell into consolidation mode today,” Concord Capital Management Corp (康和投顧) analyst Lu Chin-wei said. “Friday’s turnover fell to the lowest in the week, demonstrating caution among investors about major corrections.”
Before yesterday, the TAIEX had soared 1,585.48 points, or 12.24 percent, since the beginning of this month.
“Fortunately, TSMC remained resilient, helping the broader market offset the downturn mostly seen among non-tech stocks,” Lu said, adding that the chipmaker continued to benefit from the news that US investor Warren Buffet’s Berkshire Hathaway Inc as of the end of September held TSMC depositary receipts worth US$4.1 billion.
However, Lu said that “it seems TSMC’s momentum has been fading as the stock failed to challenge the nearest technical resistance ahead of NT$500.”
TSMC rose 0.41 percent to close at NT$487.00.
The TAIEX’s semiconductor sub-index rose 0.25 percent to outperform the main board, while the electronics sector ended flat.
Despite TSMC’s resilience, other semiconductor heavyweights moved into the doldrums, with contract chipmaker United Microelectronics Corp (聯電) ending unchanged at NT$45.60.
Smartphone IC designer MediaTek Inc (聯發科) fell 0.41 percent to close at NT$725.00, and Powerchip Semiconductor Manufacturing Co (力積電), which makes display driver ICs and power management ICs, lost 1.46 percent to end at NT$33.65.
Among electronics sector shares that posted losses was also iPhone assembler Hon Hai Precision Industry Co (鴻海精密), whose shares lost 0.99 percent to close at NT$100.50, and Largan Precision Co (大立光), a supplier of smartphone camera lenses to Apple Inc, which shed 1.51 percent to end at NT$2,280.00.
“Old economy stocks largely came under pressure as investors feared weakening global demand for raw materials and shipping services,” Lu said.
In the transportation sector, which shed 1.73 percent amid falling freight rates, Evergreen Marine Corp (長榮海運), Taiwan’s largest container cargo shipper, lost 2.27 percent to close at NT$150.50, and rivals Yang Ming Marine Transport Corp (陽明海運) and Wan Hai Lines Ltd (萬海航運) dropped 2.78 percent and 3.23 percent respectively to end at NT$63.00 and NT$71.80.
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