Sat, Mar 27, 2004 - Page 11 News List

TAIEX falls to wrap up biggest weekly drop in 30 months

BLOOMBERG

The TAIEX fell yesterday to complete its worst week in two and a half years. China Airlines (華航) fell on worry that direct links with China may not happen soon with the re-election of President Chen Shui-bian (陳水扁).

Exporters' stocks, such as Taiwan Semiconductor Manufacturing Corp (台積電) and Hon Hai Precision Industry Co (鴻海精密), gained after US reports showed economic growth was accelerating in the world's largest economy.

The TAIEX shed 24.11, or 0.4 percent, to 6,132.62. More than three stocks declined for every one that gained. For the week, the index dropped 10 percent, its biggest slide since the five days to Sept. 14, 2001.

"Having parliament enabling a recount will help calm Nationalist protesters," said Celine Chiang (江宜津), a fund manager for Polaris International Securities Investment Trust Co (寶來投信).

"Political uncertainty will remain until the election result is affirmed or reversed by recount," she said.

Dealers said the market could rise on Monday if today's pan-blue camp rally is peaceful, and brings the parties closer to a deal, but few expect a quick resolution.

China Airlines, the nation's largest carrier, fell NT$1.20, or 6.2 percent, to NT$18.30. The stock has fallen 29 percent since last Saturday's election.

EVA Airways Corp (長榮) fell for the fifth day, shedding NT$1.10, or 6.4 percent, to NT$16.

TSMC, the world's largest supplier of made- to-order computer chips, rose NT$0.50, or 0.9 percent, to NT$58.50.

Hon Hai Precision, the country's largest electronics manufacturer by sales, rose NT$1.50, or 1.1 percent, to NT$140.

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