TAIPEI: Shares in Taiwan closed little changed Wednesday as investors feared more foreign selling after foreign institutional investors shifted to the sell side on Tuesday, dealers said.
The bellwether electronics sector fell into the doldrums, while select “Apple concept stocks” attracted buying on hopes that the launch of the next-generation iPhone will boost their shipments in the second half of this year.
Among the Apple suppliers in Taiwan that rallied Wednesday was smartphone camera lens maker Largan Precision Co. (大立光). It extended its gains from Tuesday to hit a new closing high amid optimism over its earnings outlook, dealers said.
Buying rotated to old economy stocks, especially in the petrochemical and cement sector, because of their relatively low valuations, pushing the market’s benchmark index slightly higher at the close, they said.
The weighted index on the Taiwan Stock Exchange ended up 6.17 points, or 0.06 percent, at 9,397.31, after moving between 9,364.38 and 9,409.44, on turnover of NT$77.74 billion (US$2.52 billion).
The market opened up 2.45 points and rose to the day’s high in the wake of gains seen on Wall Street overnight amid reduced concerns over Greece’s debt problems, dealers said.
