TAIPEI: Shares in Taiwan closed lower for a fifth straight session on Monday on weakness in small- and medium-cap stocks after a promising start.
The market opened just under a percent higher as financial stocks benefited from a surge on Wall Street on Friday and an interest rate cut by the People’s Bank of China, but it fell into negative territory within 90 minutes and never recovered.
The weighted index closed down 28.28 points, or 0.29 percent, at 9,663.72 after trading between a high of 9,797.19 and a low of 9,635.88. Turnover was NT$95.76 billion (US$3.12 billion).
It was the index’s eighth fall in nine sessions since the Taiex closed at a 15-year high of 9,973.12 on Apr. 27.
Several large-cap stocks helped keep the market from tumbling further.
Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted stock on the local market, closed 1.37 percent higher at NT$148.5, while smartphone camera lens maker Largan Precision Co. (大立光) gained 1.92 percent to close at NT$3,180.
