Shares close down 0.59 percent

Taiwan share prices closed 0.59 percent lower Monday as investors cashed out following the latest poor showing on Wall Street, dealers said.

The weighted index closed down 50.89 points at 8,572.59, off a high of 8,627.53 and a low of 8,499.03, on turnover of NT$139.08 billion (US$4.58 billion).

Decliners led risers 1,429 to 700, with 310 stocks unchanged.

A total of 24 stocks closed limit down and 23 were limit-up.

The food sector was down 3.29 percent, plastics/petrochemical was down 2.56 percent, financials fell 2.32 percent and textiles slid 1.95 percent.

However, cement was up 2.46 percent, construction up 2.32 percent, steel up 1.85 percent, and electronics up 0.28 percent.

The Taiwan dollar closed the morning at 30.425 against the U.S. dollar, compared with the previous close of 30.402.

Late bargain-hunting, particularly among technology stocks that had underperformed the broader market recently, brought the market off its lows, dealers said.

"There is no denying investors are getting increasingly impatient with the market's failure to mount a liquidity-driven upswing," said Alex Huang of Mega International Investment Services. Huang said whether the market can sustain itself above 8,500 points in the short term will say much about its direction.

Failure to hold that level "would mean people are no longer pinning hopes on a post-election rally justified by an anticipated thaw in relations between Taiwan and China," he said.

Taiwan Semiconductor Manufacturing Co. was up NT$0.80 at NT$63.10 while United Microelectronics Corp. was down NT$0.15 at NT$18.70.

Hon Hai Precision was down NT$0.50 at NT$174.00 while Qisda was up NT$1.35 at NT$25.60.

Uni-President was down NT$2.25 at NT$45.05 and Formosa Plastics fell NT$3.80 to NT$91.90.

Nan Ya Plastics was NT$2.50 lower at NT$75.50 and Far Eastern Textile shed NT$1.80 to NT$51.20.

Cathay Financial was down NT$3.20 at NT$77.50 and Shin Kong Financial fell NT$0.60 to NT$22.80.