Thu, Nov 13, 2003 - Page 11 News List

Wall Street losses send TAIEX back below 6,000 mark


Stocks closed down 0.65 percent to fall through 6,000 points yesterday as already weak sentiment was further undermined by losses on Wall Street, dealers said.

The market was mired in rangebound trading within a narrow band of just over 60 points on the benchmark index.

"This was the case as selling pressure was far from overwhelming and most investors would rather refrain from active position-building just yet," said Ta Chong Investment Trust (大眾投信) fund manager Lei Chung-kuang.

The TAIEX shed 39.33, or 0.7 percent, to 5,982.75. The Taiwan Futures Index shed 0.5 percent to 6,009. About seven stocks dropped for every four that gained.

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world's largest maker of computer chips on a subcontracting basis, gained after a Chinese-language newspaper said the company's sales may increase in the first quarter of next year because of stronger demand.

"Semiconductor companies are benefiting from a strong demand recovery," said Simon Chao, who manages US$17 million at President Investment Trust Corp (統一投信).

TSMC rose NT$0.50, or 0.8 percent, to NT$66.50. The company's first-quarter sales usually decline after peaking in the fourth quarter, the newspaper cited the company employees as saying.

Makers of flat-panel displays for personal computers such as AU Optronics Corp (友達光電) and Chi Mei Optoelectronics Corp (奇美電子) fell on a report that component supplies may be disrupted when Japanese supplier Toppan Printing Co suspends production next month.

AU fell NT$1.50 to NT$44. Chi Mei shed NT$1.30 to NT$41.80.

This story has been viewed 3346 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top