Stocks fell, ending a five-day rally yesterday, paced by Cathay Financial Holding Co (國泰金控) and China Development Financial Holding Corp (中華開發金控) amid concern the legislature may not pass a bill that will make it easier for financial companies to be taken over before the March presidential election. The legislature has until next week to pass the bill.
The TAIEX shed 2.76, or 0.04 percent, to 6,141.25, ending a five-day, 5.8 percent advance. Almost as many stocks rose as fell. Taiex futures for January delivery rose 0.4 percent to 6,187.
About 6.3 billion shares changed hands, 58 percent above the daily average in the past three months. Shares worth NT$131.8 billion (US$3.9 billion) traded, 15 percent above the three-month daily average.
Cathay Financial shed NT$1, or 1.8 percent, to NT$54. China Development Financial fell NT$0.30, or 1.6 percent, to NT$18.10.
Hon Hai Precision Co (
"Taiwan is an export-oriented economy, so strong overseas demand will be a big help for economic growth this year," said Simon Chao (
United Microelectronics Corp (UMC, 聯電), Taiwan's second-largest maker of computer chips, rose NT$0.30, or 1 percent, to NT$31.10. United Micro is using all of its semiconductor production capacity and has handed off some orders to Chinese partner He Jian Technology (Suzhou) Co (和艦科技), the DigiTimes Web site reported, without saying where it obtained the information.
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