Taiwan shares finish little changed

Taipei, June 11, 2003 (CENS)--Taiwan shares ended marginally higher yesterday as overnight losses in U.S. stocks capped the gains, and investors shifted funds from major stocks to look for bargains in low-priced second-liners, analysts said.

Losses on the Nasdaq stock market overnight put the blue chip electronics stocks under pressure, raising concern that the market is likely to undergo a consolidation after recent gains, said analysts.

Meanwhile, foreign investors yesterday sold a net of NT$850 million worth of shares, a major reverse from net purchases of recent sessions, which analysts said might be a sign that they are ready to lock in profits on the local market, further dampening market sentiment.

The benchmark index of the Taiwan Stock Exchange ended 5.26 points, or 0.11%, higher to 4832.20 in dealings valued at NT$100.83 billion. Advancers outnumbered decliners 363 to 258, while 114 issues ended trading flat.

The heavily weighted electronics sector ended trading 0.5% higher, led by issues of flat display panel and CD-R makers.

Flat panel makers AU Optronics gained NT$0.60 to NT$24.80, and Chunghwa Picture Tubes rose NT$0.35 to NT$12.40.

CD-R makers CMC Magnetics rose NT$1.10 to NT$22.40 and Ritek edged up NT$0.20 to NT$18.10.

However, chip foundries Taiwan Semiconductor Manufacturing was down NT$1.50 to NT$57.50 and United Microelectronics inched down NT$0.20 to NT$23.70.

Of other sectors, construction stocks advanced 1.7%, while plastics/chemical issues lost 1% and financial shares closed 0.7% lower.

The price index of the over-the-counter market rose 1.27 points, or 1.34%, to 95.93 in dealings valued at NT$10.72 billion.

June index futures on Taiwan's futures exchange closed up 21 points to 4821 on turnover of 21,790 lots. June electronics futures gained 1.40 points to 207.15 on volume of 2,293 lots, while June financial futures slid 1.40 points to 704 on turnover of 2,814 lots.