TSMC's rally fades, Taiwan stocks lose 224 points, failing to hold 47,000

Taipei, July 6 (CNA) Taiwan's stock market opened higher but fluctuated downwards on Friday, with the benchmark index at one point surging over 600 points. However, as some funds withdrew from heavily traded electronics stocks, the market saw a high-low swing of over 900 points, closing down 224.23 points, and losing the 47,000-point mark. TSMC, which will hold an investor conference next week, briefly touched NT$2,500 during intraday trading before its gains narrowed, closing at NT$2,460.

The weighted stock index closed at 46,556.39 points, down 224.23 points, or 0.48%, with a turnover of NT$1.19666 trillion.

Key component stock TSMC closed at NT$2,460, up NT$15, or 0.61%. Hon Hai closed at NT$242, up NT$1.5, or 0.62%. Delta Electronics opened higher but fell, closing at NT$1,995, down NT$80, or 3.86%.

Riding the wave of rising component prices, power management IC designer Maxic Technology closed at the daily limit of NT$440. Silan Microelectronics closed at NT$620, up 2.48%. General Interface Solution closed at NT$324, up 1.41%. Drone concept stock Thunder Tiger closed at NT$222, a surge of 8.56%. Coretronic and AIDC closed at the daily limit of NT$102 and NT$238, respectively.

Co-packaged optics (CPO) concept stocks, which were relatively strong in early trading, saw Lumentum close at NT$2,000, down 4.76%. Lumentum Technology closed at NT$520, down 1.89%. Advanced Optoelectronics closed at NT$457, down NT$11.5, or 2.45%.

Liu Cheng-yu, deputy general manager of First Financial Investment Trust, told CNA that as Taiwan's stock market will release its revenue figures successively this week, and next week will see TSMC's investor conference and financial report release, the market will continue to consolidate this week before these important indicators are announced.

Liu Cheng-yu pointed out that during the quiet period before TSMC's investor conference, the Taiwan stock market is expected to be driven by individual stock performance. Coupled with market deleveraging, this will lead to rapid stock rotation. Today, non-electronics sectors took the lead, along with power management ICs with price increase themes, and the assembly and testing sector also performed relatively strongly. (Editor: Chang Liang-chiou Liang-chih) 1150706)

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