Taiwan stocks fell, led by Taiwan Semiconductor Manufacturing Co (TSMC,
United Microelectronics Corp (UMC, 聯電), the second-largest maker of chips for other companies, declined 2.7 percent to NT$55 after the Philadelphia Semiconductor Index slumped to an eight-week low.
"With US semiconductor stocks falling, Taiwan's chip stocks can't keep rising," said Phil Chen, who manages NT$900 million (US$26 million) in stocks at Grand Cathay Securities Investment Trust Co (
The TAIEX Index dropped for a second day in three, losing 99.8, or 1.6 percent, to 6,355.59 as 265 stocks rose, 239 fell and 58 were unchanged.
TSMC dropped 3.2 percent to NT$92. The company said after the market closed that first-quarter net income fell 21 percent to NT$6.58 billion (US$189 million), compared with a profit of NT$8.4 billion a year ago. Profit and orders will increase in the second quarter from the first quarter, said Harvey Chang (張孝威), the company's chief financial officer, in a statement.
China Steel Corp (
Macronix International Co (旺宏電子) rose US$0.80, or 2.6 percent, to NT$31.9. Taiwan's largest maker of memory chips for consumer electronics plans to buy back 40 million shares, or 1.2 percent of its shares outstanding, from Thursday to June 24 at a price between NT$22 and NT$45.
The New Taiwan dollar rose against the US dollar for the ninth day at the Taipei foreign exchange market yesterday, increasing by NT$0.025 to close at NT$34.783. The turnover totalled US$584 million, compared with US$630 million in the previous day.
Supported by a stronger yen, the local currency opened at NT$34.792 against the greenback, and was traded between NT$34.762 and NT$34.795 throughout the session.
Dealers said losses on the TAIEX helped curb the local currency's rise against the US dollar.
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