UMC closed @111.00 - 6.50 VOL 76,981,000
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Taiwan Shrs End -2.4% At 9912.67 After US Mkt Fall
TAIPEI (Dow Jones)--Taiwan shares closed sharply lower Monday as investors rushed to sell technology stocks after Nasdaq's 3% fall Friday, said analysts.
The Weighted Price Index of the Taiwan Stock Exchange ended down 248.38 points, or 2.4%, at 9912.67 in dealings valued at NT$247.91 billion (US$1=NT$30.699). Decliners outnumbered advancers 295 to 256, while 45 issues ended the day unchanged.
"(Bloodletting) in the tech sector was the main reason behind Monday's poor performance," said Johnny Lee, assistant manager of President Securities Corp.
Friday, the Dow Jones Industrial Average tumbled 2.8% to 10219.52 points, while the Nasdaq Composite Index slumped 3% to 4411.74 points.
Taiwan investors regard the tech-laden Nasdaq as a benchmark indicator for electronics stocks at home.
The Taipei market opened flat, and began falling to negative territory a few minutes later, dropping to the session's low at the closing bell on strong selling in the technology sector, said analysts.
The technology subindex shed 20.96 points, or 4.2%, to close at 479.44. Among the most active shares, chipmaker United Microelectronics Corp. fell NT$6.5 to NT$111, Taiwanese computer giant Acer Inc. slid NT$4.5 to NT$82, and Taiwan Semiconductor Manufacturing Co., the world's largest dedicated chip foundry, was off NT$10 at NT$195. |
