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Taiwan's shares drop with TSMC leading the decline
BIRD-FLU FEARS:
The strong Taiwan dollar and mounting concerns that the deadly avian flu might gain a foothold in Taiwan led to a two-day decline
BLOOMBERG
Wednesday, Feb 04, 2004, Page 11
Stocks dropped for a second day yesterday. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) led declines among exporters after the local currency's advance against the dollar raised concern that the value of their overseas sales may fall.
The TAIEX shed 67.73, or 1.1 percent, to 6,252.23. It dropped 0.9 percent yesterday.
About four stocks fell for every one that rose. The Taiwan Futures Index fell 1.1 percent to 6,259.
Declines were exacerbated by concern that the bird flu outbreak in Asia may spread to the nation after Center for Disease Control (CDC) Deputy Director Shih Wen-yi (施文儀) yesterday urged people to "get their coffins ready."
CDC Director Su Ih-jen (陳建仁) later assured the public the island has no cases of the bird-flu strain that is contagious to human.
"The bird-flu scare has finally spooked investors after one official warned an outbreak could be very deadly in Taiwan," said Jean Yeh, a fund manager at Ta Chong Investment Trust Corp (大眾投信).
TSMC, the world's biggest supplier of made-to-order chips, fell NT$1.50, or 2.3 percent, to NT$63.50. Rival United Microelectronics Corp (聯電), drop-ped NT$0.70, or 2.3 percent, to NT$30.30.
MediaTek Inc (聯發科技) rose NT$2, or 0.6 percent, to NT$368. The world's largest supplier of semiconductors for DVD players had a profit of NT$4.9 billion for the fourth quarter, according to figures derived from full-year unaudited numbers. The figure compares with NT$3.7 billion a year ago.
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