TAIEX sheds 3.48%, falls to 8-year low

Asian Economic News, July 23, 2001

TAIPEI, July 18 Kyodo

Taiwan's key stock index shed 3.48% Wednesday, falling to an eight-year low as investors stayed on the sidelines amid a lack of confidence in an early recovery of the ailing economy.

The Taiwan Stock Exchange Weighted Index (TAIEX), which opened slightly higher, reversed its upward course almost immediately after trading started.

In thin trading, the benchmark index continued to fall deeper into negative territory, closing at 4,219.89, down 152.10 points or 3.48%. The index, which last closed around the 4,200 mark in November 1993, has lost almost 14% this month.

Turnover shrank to NT$38.413 billion from Tuesday's NT$44.617 billion as investors remained cautious for fear that the local bourse has not yet hit the bottom.

A total of 1,549,699 lots of 1,000 shares changed hands compared to 1,704,621 lots traded Tuesday.

The index moved between a high of 4,387.19 in early trading and a 4,204.60 low.