TAIEX sheds six points as UMC drops 3.4 percent

Stocks fell for a fifth day, paced by United Microelectronics Corp (UMC, 聯電), on concern profit growth will slow after market researcher Dataquest Inc said the semiconductor industry had little room for expansion.

The TAIEX shed 6.09, or 0.1 percent, to close at 4,582.05. Within the index, almost the same number of stocks rose as fell. The total value of trade was NT$47.84 billion (US$1.38 bil1lion), the lowest since Oct. 14.

UMC, the world's second-largest supplier of made-to-order chips, slid NT$0.80, or 3.4 percent, to NT$23.

Taiwan Semiconductor Manu-facturing Co (台積電) lost NT$0.80, or 1.6 percent, to NT$47.90.

"Everyone's reducing their compound annual growth rate forecasts for the semiconductor industry," said Oliver Lee, who helps manage US$120 million in stocks at Far Eastern Alliance Asset Management Co (遠東大聯投信).

Promos Technologies Inc (茂德科技) rose NT$0.60, or 6.5 percent, after falling as much as 2.7 percent in early trading.