Opened Lower, Fell Below Half-Year Moving Average
Selling pressure emerged across Taiwan stocks on the 30th, with the weighted index opening at 46139.79, down 288.54 points, the open marking the high of the day, followed by a choppy decline. Intraday, the index at one point plunged 1642 points to a low of 44726.26, with a high-low range of 1413.53 points, briefly falling below the 45000 level. Although the decline narrowed slightly into the close, the market still ended down 1156.5 points, or 2.49%, at 45211.83, reclaiming the 45000 level but still breaking below the half-year moving average, with turnover of about 8792.57億元. Among individual stocks, only 222 gainers versus 1647 decliners, with 18 limit-up and 18 limit-down stocks each, showing selling pressure was not concentrated only in large-cap stocks, with small- and mid-cap stocks also under pressure. This week's trend has been volatile, with a sharp rise of 939.35 points on the 28th, a fall of 667.25 points on the 29th, and another plunge of over a thousand points today.
Large-Cap Electronics Stocks Weaken Across the Board
Large-cap stocks broadly weakened, with 台積電 closing at 2370元, down 45元 or 1.86%, with single-day turnover reaching 701.81億元, the highest in the market. 聯發科 closed at 3915元, down 3.21%. 台達電 broke below its trading range, falling 9.8% to close at the limit-down price of 1335元. Among other electronics stocks, 聯電 closed at 111.5元, down 3.46%; 國巨* closed at 502元, down 7.55%; 台光電 closed at 4675元, down 6.69%; 欣興 fell 4.9% to close at 989元. Memory stocks were also under pressure, with 南亞科 closing at 454.5元, down 4.72%. In terms of volume, 主動中信台灣收益 led with about 128.7萬張, 群益臺灣加權正2 traded about 66.5萬張, and 元大台灣50正2 about 39.9萬張, showing leveraged and actively managed ETF trading remained quite active amid market volatility.
Foreign Investors Bearish in Both Spot and Futures
In terms of institutional flows, the three major institutional investors sold a combined net 1398.44億元. Among them, foreign and mainland investors sold a net 1124.67億元, net sellers for 2 consecutive trading days, with single-day withdrawals exceeding 1124億元, marking the seventh-largest single-day foreign net sell on record for Taiwan stocks and the main source of market selling pressure. Proprietary dealers sold a net 38.4億元 in principal trading and a net 475.3億元 in hedging operations, for combined net sales of 513.7億元. Foreign investors not only withdrew heavily from the spot market but also continued to add to shorts in the futures market, with net short positions in台指期 increasing by 2719 contracts to 92241 contracts, exceeding 92000 contracts, bearish in both spot and futures. In contrast, investment trusts continued to buy on dips, net buying 239.93億元 against the trend, marking 14 consecutive trading days of net buying, but buying strength was still insufficient to offset the huge selling pressure from foreign investors and proprietary dealers. Whether the market can stop falling and stabilize next week will depend on whether foreign selling pressure narrows and whether large-cap stocks such as 台積電 can stabilize first.