TAIPEI: Shares in Taiwan trended lower Wednesday as the bellwether electronics sector faced downward pressure, with investors locking in gains they had built in recent sessions, dealers said.
Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) led the downturn in the high-tech sector as investors were waiting for the release of the world’s largest chip maker’s sales report for March, the dealers said.
In addition to sales reports from local electronics firms due later this week, investors remained cautious about the upcoming earnings season on Wall Street, which could move the U.S. market and send ripples through the global markets, including Taiwan, they said.
The weighted index on the Taiwan STOCK EXCHANGE(TWSE) closed down 69.93 points, or 0.72 percent, at 9,571.97, after moving between 9,562.00 and 9,654.67 on turnover of NT$91.99 billion (US$2.97 billion).
The market opened up 0.98 points and rose to the day’s high on follow-through buying from a session earlier, but with the index moving closer to the 9,700 point level, selling set in, focusing on the electronics sector, which pushed down the broader market into negative territory. The weakness continued into the end of the session, the dealers said.
