Taiwan stocks held steady on Wednesday, as China plays such as Yulon Motor and Eva Airways gained but heavyweight contract chip maker TSMC fell as US economic concerns weighed on exporters. The main TAIEX share index slipped 0.06 percent, or 4.92 points to close at 8,667.93.
The electronics sub-index fell 0.67 percent, while the bank and insurance sub-index rose 0.68 percent. The United States is Taiwan's second-largest export market. Shares worth T$135.03 billion ($4.4 billion) changed hands, slightly more active than T$133.48 billion in the previous session.
Yulon Motor gained 1.16 percent after local media reported that the firm will join hands with China's Zhongyu Automobile to set up a car making production line in Zhejiang province. Taiwan Semiconductor Manufacturing Co (TSMC), the world's largest contract chip maker, lost 2.02 percent, and its smaller rival United Microelectronics Corp (UMC) fell 1.35 percent after its US-listed shares dropped. UMC said on Tuesday its March sales figure rose 13 percent from a year ago.
Electronics maker Hon Hai Precision Industry, which makes computers and consumer electronics for major US brands such as Dell and Apple, dropped 0.83 percent after local media reported that the firm planned to make major investments in Taiwan.
Top petrochemical company Formosa Plastics Group chairman Wang Yung-ching also said he would make new investments on the island, media reported. Shares of Formosa Plastics Corp fell 0.45 percent, while Formosa Petrochemical dropped 1.1 percent. Both firms are businesses under the Formosa Plastics Group.
Comments
Comments are closed.