Taiwan News
Date: 2020/01/08
By:  Central News Agency

Shares in Taiwan moved lower Wednesday, extending losses from a session earlier, as investors were motivated to cut their holdings by Iran's bombing of an airbase in Iraq housing U.S. troops, dealers said.

While non-tech stocks largely felt the pinch resulting from the conflicts in the Middle East, government-led funds were said to pick up some electronics heavyweights, in particular contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), which limited the downturn by the end of the session, the dealers said.

The weighted index on the Taiwan Stock Exchange (TWSE), or Taiex, closed down 63.22 points, or 0.53 percent, at 11,817.10, after moving between 11,777.45 and 11,899.67 on turnover of NT$149.51 billion (US$4.97 billion).

The market opened down 0.52 percent in a knee-jerk reaction to the losses in U.S. futures, which plunged more than 170 points at one point, indicating an ugly opening in the U.S. spot market later in the day in the wake of the Tehran military action that was aimed at retaliating for Washington's killing of a top Iranian military leader last week, the dealers said.    [FULL  STORY]