BARGAIN HUNTING:
Foreign institutional investors kept selling local shares as the TAIEX fell below its 60-day average of 43,660 points despite gains in TSMC
Shares in Taiwan yesterday extended losses from the previous session amid fears of further volatility after a recent strong showing, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) staged a technical rebound, helping limit the broader market’s decline.The TAIEX ended down 221.57 points, or 0.52 percent, at 42,449.70, with TSMC rising 1.31 percent following a 7.29 percent plunge on Friday. The gains in TSMC, which accounts for more than 40 percent of total market value, helped trim the TAIEX’s losses by about 240 points.Turnover was NT$983.86 billion (US$30.37 billion) on the local main board yesterday, compared with NT$1.213 trillion on Friday, Taiwan Stock Exchange data showed.
A woman stands in front of an electronic stock board at the Taiwan Stock Exchange in Taipei on June 8.
Caution also prevailed elsewhere in Asia, with South Korea’s KOSPI falling 4.46 percent and the KOSDAQ plummeting 5 percent, as investors unloaded more stocks linked to artificial intelligence. Samsung Electronics Co and SK Hynix Inc fell 4.31 percent and 4.23 percent respectively.Markets in Singapore, Sydney, Mumbai, Bangkok and Kuala Lumpur fell. Japan’s markets were closed for a holiday, while Hong Kong’s Hang Seng Index rose 2.36 percent and the Shanghai Composite Index edged up 0.85 percent.
