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TAIEX falls further as fears over bird influenza continue

The TAIEX fell for a third day yesterday, led by Fubon Financial Holding Co (富邦金控). Citigroup Inc may sell its stake in Fubon Financial to an insurance company outside Taiwan, a Chinese-language newspaper reported, citing unidentified people familiar with the situation.

Advanced Semiconductor Engineering Inc (日月光), the world's second-largest chip packager, led gains after it agreed to buy NEC Electronics Corp's assembly and testing operations.

The TAIEX fell 10.84, or 0.2 percent, to 6,241.39, for a three-day drop of 2.1 percent. About the same number of shares fell as rose. The Taiwan Futures Index declined 0.3 percent to 6,238.

The value of trade was NT$117 billion (US$3.5 billion).

Fubon fell NT$0.60, or 1.9 percent, to NT$31.

Advanced Semiconductor gained NT$1.30, or 3.4 percent, to NT$39.30. ``Our relationship with Fubon remains unchanged,'' said Joyce Chen (陳昭如), vice president of public affairs at Citigroup in Taiwan. ``We still hold about 10 percent of Fubon.''

Chen declined to comment further on the report that Citigroup may sell its stake in Fubon to an insurer outside Taiwan.

Shares of flat-panel maker Chunghwa Picture Tubes Ltd (中華映管) advanced 3.9 percent to NT$15.90, supported by a positive outlook for the thin-film-transistor liquid-crystal-display industry, analysts said. Its larger rival, AU Optronics Corp (友達光電), ended 0.6 percent higher at NT$47.

China Steel Corp (中鋼) gained NT$0.30, or 1 percent, to NT$29.40. The company said January sales rose by almost a quarter to NT$11.9 billion, indicating demand is rising.
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