TAIEX dips before long weekend

BARGAIN HUNTING:Concord Securities analyst Kerry Huang said investors shifted attention to IC designers such as MediaTek due to their relatively low valuations

Taipei Times
Date: May 28, 2017
By: Staff writer, with CNA and Bloomberg

Shares closed marginally lower on Friday after moving in a narrow range throughout the session amid cautious sentiment ahead of the four-day Dragon Boat Festival holiday, dealers said.

With select large-cap stocks such as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and iPhone and iPad assembler Hon Hai Precision Industry Co (鴻海精密) in the doldrums, IC designer firms and some old economy stocks attracted bargain hunting, which lent some support to the broader market, the dealers said.

The TAIEX ended down 6.54 points, or 0.06 percent, at 10,101.95, after moving between 10,072.84 and 10,121.88 on turnover of NT$91.77 billion (US$3.05 billion).

The market opened down 0.18 percent on a mild technical correction from a session earlier, as investors shrugged off a higher Wall Street, where the Dow Jones Industrial Average ended up 0.34 percent overnight, the dealers said.

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