Opened Lower and Moved Lower, Falling Below 47000 Points
Taiwan stocks came under heavy selling pressure on October 29. Although the U.S. Federal Reserve kept interest rates unchanged as widely expected, and all four major U.S. stock indexes closed higher led by semiconductor stocks, with the Philadelphia Semiconductor Index rising over 1%, TAIFEX night session futures moved against the trend and fell 128 points. The Taipei stock market opened down 20.71 points at 47014.87 points, with selling pressure continuing to expand amid net fund outflows tied to the New Taiwan dollar. The Weighted Index fell to an intraday low of 46055.07 points, plunging 980.51 points, and closed down 667.25 points, or 1.42%, at 46368.33 points, with turnover reaching NT$789.152 billion.
Foreign Investors Turn Net Sellers With NT$68.8 Billion in Net Sales
Tracking institutional fund flows, foreign investors ended the previous session's net buying and turned to net selling, unloading NT$68.815 billion and becoming the main selling force of the day. Investment trusts remained net buyers for the 13th consecutive trading session, adding NT$8.649 billion. Proprietary dealers ended 2 straight sessions of net buying in proprietary trading, trimming NT$184 million, while proprietary hedging posted its 15th straight session of net selling with NT$21.316 billion in net sales. Institutional investors together posted NT$81.666 billion in net sales, showing still-heavy institutional selling pressure, with investment-trust net buys far smaller than single-day foreign net sales.
Investment Trusts Extend 13-Session Buying Streak in Electronics Stocks
The top five stocks by investment-trust net buys today were, in order, Walsin Technology, Chang Wah*, Inventec, Nanya Plastics and ASE Technology Holding, continuing to add electronics and selected non-tech shares. The top five stocks by net sales were UMC, Mega Financial, Formosa Petrochemical, CTBC Financial Holding and Taishin Shin Kong Financial. The top five stocks by trading volume today were, in order, UMC, AUO, Powerchip, Innolux and Fulltech Fiber Glass, while the top five by trading value were TSMC, UMC, WIN Semiconductors, Nanya Technology and MediaTek, showing trading concentrated in semiconductor and other electronics shares.
Heavyweight Stocks Slump and Drag the Market
Heavyweight stocks were the focus of selling pressure today. TSMC opened down NT$5 at 2420, fell to an intraday low of 2390, and closed down NT$10, or about 0.41%, at 2415, dragging the broader index by about 79 points. MediaTek opened down NT$30 at 4205, slipped to an intraday low of 4000, and closed sharply down NT$190, or 4.49%, at 4045. Delta Electronics opened down NT$25 at 1525, and closed down NT$70, or 4.52%, at 1480. Small- and mid-cap stocks weakened together. The OTC index opened up 1.79 points at 396.4 points, and closed down 7.24 points, or 1.83%, at 387.37 points, with turnover of NT$212.733 billion.