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Presidential vote recount spooks TAIEX

Shares closed lower for a third straight session yesterday, as investors wary about the upcoming presidential vote recount chose to exit the market, traders and analysts said.

The TAIEX lost 72.05 points, or 1.1 percent, to end at 6,574.75, with 581 stocks finishing lower, 219 higher, and 163 unchanged.

Trade was a thin NT$107.51 billion (US$3.2 billion).

Falling shares also pressed the New Taiwan dollar to close down NT$0.037 against its US counterpart at NT$33.081 on the Taipei foreign exchange market.

"As you can tell from the turnover, investor sentiment is low, which I would say can be logically linked to concerns about the vote recount," said KGI Securities vice president Janet Sheng.

Among yesterday's heaviest decliners, Advanced Semiconductor Engineering Inc (日月光) tumbled 6.3 percent to NT$30, while rival Siliconware Precision Industries Co (矽品) retreated by its daily limit of 7 percent to NT$30.6.

The chip testing and packaging stocks sharp fall came after their US rival Amkor Technology Inc missed first-quarter expectations and provided a disappointing outlook for the second quarter.

Financial shares were in relatively better shape after a bill drafted to extend the lifetime of a financial restructuring fund by one year passed an initial legislative reading during trading hours. The bill has two more reviews to go.
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