ROOM TO DROP: Bargain hunters focused on large-cap tech stocks that were under pressure the previous day, when the TAIEX fell nearly 700 points — its biggest drop ever

Taipei Times
Date: Feb 02, 2020
By: Staff writer, with CNA and AFP

Local shares on Friday rebounded slightly after plunging a session earlier, but market sentiment was still hurt by uncertainty over a spreading coronavirus epidemic, dealers said.

The electronics sector drove the rebound, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), but the upturn was capped ahead of strong technical resistance at the 60-day moving average of about 11,700 points, they said.

The TAIEX on Friday ended up 73.36 points, or 0.64 percent, at 11,495.10, plunging 5.1 percent from a close of 12,118.71 on Jan. 20, the last day of trading before the Lunar New Year holiday. The index moved between 11,436.95 and 11,594.21, with turnover totaling NT$175.28 billion (US$5.79 billion).

The market opened up 0.64 percent on overnight rebounds in US markets, including a 0.4 percent rise in the Dow Jones Industrial Average, the dealers said.    [FULL  STORY]