Fri, Nov 21, 2003 - Page 11 News List

Taiwan's stocks decline, led by Hon Hai and Acer

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Stocks declined yesterday, led by electronics companies such as Hon Hai Precision Industry (鴻海精密) and Acer, as some investors judged gains this year may be excessive given the outlook for profit.

"All the positive news has been reflected in their share prices," said Eddie Chiu, a fund manager at First Global Investment Trust (元大投信).

"We're running out of fresh leads to support tech stocks," he said.

The TAIEX dropped 31.27, or 0.5 percent, to 5,834.24. The benchmark has surged 31 percent this year. The Taiwan Futures Index rose 0.2 percent to 5,898. Five stocks declined for every four that gained.

About 3.2 billion shares changed hands, 24 percent below the average daily trading in the past three months. Shares worth NT$77 billion traded, 19 percent below the three-month daily average.

Hon Hai, the nation's biggest electronics company by revenue, dropped 60 cents, or 4.1 percent, to NT$140. The shares have fallen 7.9 percent this week, paring gains this year to 40 percent.

Acer slid NT$2.10, or 4.3 percent, to NT$46.90. Its shares have surged 63 percent this year.

Chunghwa Picture Tubes (中華映管) added 20 cents, or 1.4 percent, to NT$14.95. The third-largest maker of flat displays in the country plans to raise prices of 15-inch and 17-inch panels by US$5 to US$10 each, a Chinese-language newspaper said.

China Development Financial Holding (中華開發金控) rose 50 cents, or 3.6 percent, to NT$14.35. The Ministry of Finance said the government will not interfere in the bank's board of directors' election next year.

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