Taiwan stocks fell for a fourth session on Friday, shedding 2.57 percent in the biggest one-day percentage fall since May and leading declines in Asian markets amid an aversion to risk and profit taking by foreign investors. The main TAIEX share index fell 226.7 points to 8,609.86, after closing 1.9 percent lower in the previous session.
However it came off a session low of 8,574.65 on some late session bargain hunting. It has fallen each session since the Lunar New Year break and now stands 4 percent lower for the year to date. "The falls we've seen in the past few days is only due to acts of profit taking. Taiwan stocks have been performing well since last December," said Vincent Ho, fund manager of J.P. Morgan Asset Management.
Foreign investors sold a net T$16.9 billion ($580 million) on Thursday, the largest single-day net selling since July 1 last year. They had sold a total of T$20.6 billion in the three trading days to Thursday. In January foreign investors had bought a net T$99.3 billion.
Comments
Comments are closed for this article.