Taiwanese shares yesterday came under heavy pressure after the US consumer price index (CPI) rose more than expected last month, sending US stock markets plunging on Friday, dealers said.
The bellwether electronics sector led yesterday’s downturn, but old economy and financial stocks were also sold throughout the session, putting pressure on the broader market, they said.
The TAIEX closed down 389.14 points, or 2.36 percent, at 16,070.98. Turnover totaled NT$229.258 billion (US$7.71 billion), with foreign institutional investors selling a net NT$48.03 billion of shares, Taiwan Stock Exchange data showed.
In the US, the CPI last month jumped 8.6 percent year-on-year, the biggest increase
The TAIEX yesterday moved sharply higher by more than 2 percent to close above 16,600 points, with investors encouraged by strong gains on US markets at the end of last week, dealers said.
The bellwether electronics sector continued its momentum from a session earlier amid eased concerns over inflation in the US following the latest favorable core personal consumption expenditure data, while the financial sector lent more support to the broader market on a strong technical comeback, they said.
The TAIEX closed up 344.40 points, or 2.12 percent, at the day’s high of 16,610.62, the first time the index has closed above
The TAIEX yesterday climbed out of a slump to close higher, led by shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which recovered from a tumble in the previous session, dealers said.
TSMC helped boost the bellwether electronics sector, and the gains also spread to the old economy and financial sectors, lending additional support to the main board, but turnover remained low amid fears of further volatility on US markets, dealers said.
The TAIEX closed up 0.78 percent at 16,144.85 on turnover of NT$197.899 billion (US$6.67 billion).
The TAIEX opened up 0.26 percent, ignoring the losses on US markets overnight, and
The TAIEX yesterday closed sharply higher, rising more than 200 points in the first trading session after the Lunar New Year holiday, with buying sparked by a rally on US markets during the break.
Investors focused on old-economy stocks, especially the transportation sector, which had consolidated for a time, as well as the raw material industry following product price increases.
The bellwether electronics sector underperformed the broader market, as contract chipmakers such as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) weakened.
The weighted index closed up 225.90 points, or 1.28 percent, at the day’s high of 17,900.30, after coming off a low of 17,712.35.