Thu, Oct 02, 2003 - Page 11 News List

Stocks continue to fall after worrying signs from the US


Stocks fell for a fifth day yesterday, led by United Microelec-tronics Corp (UMC, 聯電), on concern the nation's exports may slow after a report showed a decline in US consumer confidence.

"The US economic indicators have showed mixed signals," said George Ho, general manager of Jardine Fleming Taiwan Investment Management Ltd., with US$2 billion in Taiwanese stocks.

"Time for investors to check companies' fundamentals," he said.

The TAEIX shed 29.75, or 0.5 percent, to 5,581.66, adding to a four-day, 1.9 percent drop. About four stocks fell for every one that gained. The futures contract for October delivery lost 0.2 percent to 5,630.

About 2.3 billion shares worth NT$50 billion (US$1.5 billion) changed hands, the slowest trading since May 22.

UMC, which relies on North America for more than 40 percent of its sales, shed NT$0.30, or 1.1 percent, to NT$27.70.

Hon Hai Precision Industry Co (鴻海精密) gained NT$1, or 0.7 percent, to NT$147. The biggest electronics company plans to buy the manufacturing unit of a "well known" handset maker, a Chinese-language newspaper reported. Hon Hai chairman Terry Kuo (郭台銘) is traveling in the US for takeover talks, the report said.

China Development Financial Holding Corp (中華開發金控), the nation's fifth-largest financial company by market value, shed NT$0.10, or 0.8 percent, to NT$12.70 on news that the company's board of directors agreed to buy shares to raise their stakes in the company to more than 5 percent at the request of the Securities and Futures Commission.

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