Taiwan shares end down amid renewed Middle East concerns
Taipei, May 8 (CNA) Shares in Taiwan closed lower Friday amid re-emerging concerns over tensions in the Middle East after the United States and Iran exchanged fire in the Strait of Hormuz, dealers said.The Taiex, the Taiwan Stock Exchange's benchmark index, ended down 329.84 points, or 0.79 percent, at 41,603.94 after moving between 41,132.25 and 42,038.60.
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Turnover totaled NT$1.25 trillion (US$39.32 billion).The market opened down and attempted to stage a rebound in the early morning session before selling increased to cap the index below the previous closing level, led by large-cap tech stocks after a 0.63 percent fall on the Nasdaq index and a 2.72 percent drop on the Philadelphia Semiconductor Index overnight, dealers said."The renewed fears over the Middle East prompted investors abroad and at home to trim liquid tech stocks," Hua Nan Securities analyst Kevin Su said.
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"The sell-off showed investors rushed to pocket their recent significant gains amid optimism toward AI development."After its American depositary receipts dropped 1.28 percent overnight, contract chipmaker Taiwan Semiconductor Manufacturing Co.
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(TSMC), which accounts for over 40 percent of total market value, fell 0.87 percent to close at NT$2,290.00.
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The stock's losses contributed about 200 points to the Taiex's fall.With the electronics index down 1.01 percent, IC packaging and testing services provider ASE Technology Holding Co.
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shed 4.44 percent to end at NT$516.00, and memory chip supplier Nanya Technology Corp.
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fell 4.53 percent to close at NT$274.00.
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Bucking the downturn, smartphone IC designer MediaTek Inc.
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gained 6.14 percent to end at NT$3,630.00.Also in the tech sector, iPhone assembler and AI server maker Hon Hai Precision Industry Co.
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fell 1.38 percent to close at NT$250.00 and power management solution supplier Delta Electronics Inc.
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ended down 3.51 percent at NT$2,200.00."In a falling market, investors simply moved their funds to defensive telecom stocks as a safe haven," Su said.
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Chunghwa Telecom Co.
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rose 0.74 percent to close at NT$136.50, and Far EasTone Telecommunications Co.
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gained 0.52 percent to end at NT$95.90.Old economy stocks largely weakened in line with the broader market, dealers said.Formosa Plastics Corp.
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lost 2.02 percent to close at NT$48.55 and Nan Ya Plastics Corp.
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dropped 1.88 percent to end at NT$88.60.
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China Steel Corp., Taiwan's largest steel maker, fell 0.53 percent to close at NT$18.75 and Tung Ho Steel Corp.
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ended down 0.30 percent at NT$67.40.In the financial sector, which rose 0.87 percent after consolidation, Fubon Financial Holding Co.
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rose 2.33 percent to close at NT$96.70, and Cathay Financial Holding Co.
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gained 1.27 percent to end at NT$80.00.Washington will release the nonfarm payroll report for April later on Friday.
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"If the job market stays strong, the Federal Reserve could turn hawkish about the monetary policy, which could move the financial markets," Su said.According to the TWSE, foreign institutional investors sold a net NT$12.08 billion of shares on the main board on Friday.
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(By Frances Huang) Enditem/ASG
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