Taiwan Business Quick Take
Investors lock in gains
The TAIEX yesterday closed lower in a volatile session, as investors shifted to the sell side to lock in earlier gains amid concerns over the attitude of foreign institutional investors who have increased short-term futures contracts in recent sessions, dealers said. Market sentiment has also been affected by an increase in domestic COVID-19 cases related to a hospital in Taoyuan, with many investors fearing that an escalation of the disease would hamper economic activity, they said. However, contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remained resilient, preventing the broader market from falling further, they added. The TAIEX ended down 71.19 points, or 0.45 percent, at 15,806.18, on turnover of NT$414.877 billion (US$14.601 billion). Foreign institutional investors sold a net NT$21.55 billion of shares on the main board, Taiwan Stock Exchange data showed. TSMC shares finished up 3.19 percent to close at a historic high of NT$647.00.