Technology, Financial Stocks Drop
March 28, 2011
The recent slide in the local bourse has been triggered by selling from foreign institutions, which led to large margin calls and increased the selling pressure, said Stclair Findley, a manager at Taiwan Securities Ltd.. The Taiwan Stock Exchange weighted index fell 107.02 to 5955.50, a near seven-week low. Losers led winners 277 to 98 while the remaining 52 issues were unchanged. Trading volume rose to NT$45.4 billion on 1.3 billion shares in the session from the NT$36.2 billion on 1.1 billion shares in the previous session. The main index has fallen 9.2% so far in July. Tuesday's across-the-board selling was led by the 3% fall in technology issues. Investors followed Westside's lead and sold blue-chip technology issues such as Taiwan Semiconductor Manufacturing, down 3 New Taiwan dollars to NT$50 and United Microelectronics, down NT$1.80 to NT$34.70, and key financial issues such as Cathay Life, down NT$5 to NT$170. Of the actively traded issues, President Enterprises fell NT$2 to NT$46, China Steel lost 50 New Taiwan cents to NT$26 and Far East Textile lost 50 cents to NT$30.20.
