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Evergreen Marine, Formosa Plastics lead day's decliners

Stocks dropped for a fifth day, led by Evergreen Marine Corp (長榮海運) and Yang Ming Marine Transportation Corp (陽明海運), on concern fuel costs may rise after crude prices hit a 12-year high as tension expanded in the Middle East.

Formosa Plastics Corp (台塑) and Nan Ya Plastics Corp (南亞塑膠) led declines among companies that use crude oil as a raw material.

The TAIEX shed 30.60, or 0.7 percent, to 4,319.99 at the close. The benchmark earlier rose as much as 0.8 percent.

Nearly five stocks fell for every one that gained.

The value of trade fell to NT$31.7 billion (US$916 million), about three-fifth below the average in the past three months and its lowest since Oct. 16, 2001.

"An imminent US-led attack against Iraq is the biggest uncertainly overshadowing the market," said Jerry Chen, who manages the NT$3.5 billion Excellent Fund at First Global Investment Trust Co (元大投信).

"Some investors will stay sidelined until the military conflict in the Middle East is resolved," Chen said.
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