Taiwan stocks ended up 0.34 percent on Tuesday, recouping sharp losses and rebounding from a more than four-year closing low the previous session as government funds helped bolster market heavyweights such as TSMC. The main TAIEX share index closed up 18.96 points at 5,524.66 after a 4.12 percent drop the previous day.
During early trading, the TAIEX dipped to an intraday low of 5,352.08, its weakest level since August 18, 2004. Market sentiment remained cautious, with turnover shrinking to a near two-year low of T$59.249 billion ($1.8 billion), down from T$60.6 billion the previous session. Tu expected the TAIEX to trade between 5,350-5,747 points this week. Premier Liu Chao-shiuan said the government would protect depositors' bank savings and make sure the banking system had ample liquidity. Taiwan Semiconductor Manufacturing Co, the world's top contract chip maker, gained 1.43 percent, lifting the electronics sub-index 0.82 percent.
Hon Hai Precision, Taiwan's top electronics gear maker, rose 0.1 percent despite a newspaper that said, without naming sources, the company aimed to cut 10-15 percent of its workforce by the year-end if the global economy stayed weak. Asustek, the world's top motherboard maker, fell 0.52 percent, erasing some earlier losses. Acer, the world's third largest PC vendor, rose 0.4 percent. The financial sub-index fell 1.24 percent, tracking Wall Street losses, with Cathay Financial, the island's largest listed financial holding firm, dipping 1.01 percent.
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