Stocks dropped, paced by Evergreen Marine Corp (長榮海運) and Yang Ming Marine Transport Corp (陽明海運), on concern they will face higher insurance costs for ships bound for the Persian Gulf because of the US-led attack on Iraq.
The TAIEX dropped 12.33, or 0.3 percent, to close at 4,586.92. MSCI Taiwan futures for February delivery in Singapore rose 0.2 percent to 198.60. The Taiwan Futures Index dropped 0.2 percent to 4580. Almost two shares fell for each one that gained. The benchmark earlier rose as much as 0.4 percent.
Many of the nation's largest exporters such as Taiwan Semiconductor Manufacturing Co (TSMC,
"Most investors remain cautious, waiting for the war to unfold," said Edward Hsieh, who manages about US$24 million at Duo Fu Fund at First Global Investment Trust Co (
Evergreen Marine fell NT$0.30, or 1.1 percent, to NT$26.70. Yang Ming Marine fell NT$0.80, or 4.0 percent, to NT$19.10.
TSMC, the world's largest supplier of made-to-order chips, shed NT$0.10, or 0.2 percent, to NT$48.50. UMC lost NT$0.30, or 1.4 percent, to NT$21.60. Formosa Plastics Corp (台塑) rose NT$0.80, or 1.8 percent, to NT$46.10.
J.P. Morgan Chase & Co analyst Graham Cunningham upgraded his rating on Formosa to "Overweight" from "Neutral," citing strong earnings outlook on strong demand in China.
President Chain Store Co (
RSS