Taipei shares turn flat in midmorning on pressure in construction, electronics

TAIPEI (XFN-ASIA) - Share prices were little changed in mid-morning trade, reversing early gains. Selling of construction and electronics shares erased most gains spurred by a positive lead from Wall Street and a drop in oil prices. Technology heavyweight TSMC stayed in positive territory after Philips Electronics completed the sale of its stake in the wafer foundry, removing an overhang on the stock. But profit-taking on Hon Hai Precision Industry and some integrated circuit design houses dragged down the electronics sector. At 10.57 am, the weighted index was up 5.26 points at 7,331.33, off a high of 7,376.69 and a low of 7,299.59 Turnover was 45.61 bln twd. 'Investors were eager to cash in construction stocks given the gloomy industry picture,' said an analyst with an investment consulting firm. 'Some technology stocks... [read full story]