Focus Taiwan
Date: 07/10/2020
By: Frances Huang

Taipei, July 10 (CNA) Shares in Taiwan closed lower after a quick start as the electronics sector came under pressure, hurt by smartphone camera lens supplier Largan Precision Co.'s disappointing second quarter results and third quarter guidance, dealers said.

Contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock in the local market, limited the downturn by posting gains on an otherwise bad day for tech stocks.

The weighted index on the Taiwan Stock Exchange (TWSE), the Taiex, ended down 119.01 points, or 0.98 percent, at 12,073.68, after moving between 12,030.20 and 12,253.58. Turnover was NT$258.2 billion (US$8.74 billion).

The market opened up 0.47 percent and hit the day's high in the first two minutes of trading before selling in the tech sector set in and spread to old economy stocks, in particular in the petrochemical sector, dealers said.    [FULL  STORY]