Thu, Dec 26, 2002 - Page 11 News List

Stocks fall after US reports less orders for durable goods

BLOOMBERG AND AFP , TAIPEI

Taiwan stocks fell, paced by Taiwan Semiconductor Manufac-turing Co (台積電) and Hon Hai Precision Industry Co (鴻海精密), after a US report showed durable-goods orders dropped, increasing concern that demand in the nation's second-biggest export market may wane.

The TAIEX fell for a third day, declining 60.07, or 1.3 percent, to 4484.43. Some NT$53 billion (US$1.5 billion) in shares traded, almost a third lower than the daily average in the past three months, with many investors staying on the sidelines for the year-end holidays. Eleven stocks fell for every two that gained.

"When electronics stocks don't rise, it's hard for the overall market to rise," said Aaron Wu, an equities manager at ABN Amro Asset Management Taiwan Ltd.

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