Taiwan shares end lower on Wall Street plunge

Taipei, Shares on the Taiwan Stock Exchange ended lower Friday after a plunge on Wall Street overnight but still remained above the market's six-month moving average.

The market's benchmark index, the Taiex, opened at 10,901.25 and hit a high of 10,914.83 and a low of 10,828.86 before closing down 41.79 points, or 0.38 percent, at 10,899.28.

Losers outnumbered gainers 566 to 240 and 114 stocks remained unchanged.

Affected by a 0.80 percent slide in the Dow Jones Industrial Average on Thursday, the weighted index in Taiwan sank as low as 10,828.86 -- the lowest the market had been in June -- at one point during the session.

But led by gains in Taiwan Semiconductor Manufacturing (TSMC) in the second half of the session, buying in old economy shares also emerged, helping push the Taiex above the six-month moving average of 10,880 by the end of the session.

TSMC, the most heavily weighted stock in the local market, gained 0.44 percent to close at NT$227.5.

Although the Taiex ended above the 10,880-point mark, analysts said it could fall further if the market does not stage a noticeable rebound in the short term.

As the market has tumbled nearly 4 percent in recent sessions to hover between 10,880 and 11,000 points, analysts said investors should pay attention to the movement of the Taiwan dollar and whether investment trust companies remain net sellers before they settle their accounts for the month.

Source: Focus Taiwan News Channel