Taipei shares close lower as rate cuts fail to dispel global concerns - UPDATE

TAIPEI (XFN-ASIA) - Share prices closed an erratic session lower, reflecting a generally cautious mood even after the local central bank joined the Federal Reserve and other major counterparts in cutting interest rates to boost confidence. Taiwan's central bank reduced its key interest rates by another 25 basis points this morning, in the wake of rate cuts by the Fed, the European Central Bank, the Bank of England and several counterparts. Dealers said investors were cautious ahead of a long weekend; the market will be closed tomorrow for a public holiday. The weighted index closed down 75.69 points or 1.45 pct at the day's low of 5,130.71, off a high of 5,295.05. Turnover was 74.82 bln twd. For the shortened week, the benchmark index declined 611.52 points, or 10.65 pct. The heavily weighted electronics and financial sectors... [read full story]