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Shares expected to continue fall

Stocks are likely to trade lower in the coming week amid continuing political uncertainties in the run-up to the presidential inauguration on May 20 as votes are recounted for the disputed election, dealers said yesterday.

They said the market has been under severe pressure as foreign investors have sold off for nearly three weeks now against a backdrop of concerns over possibly tighter monetary policy in the US and China, the country's two major markets, and oil prices which have soared to record highs.

The TAIEX closed down 140.77 points, or 2.38 percent, at 5,777.32 yesterday, on turnover of NT$73.06 billion (US$2.17 billion).

Losers led gainers 740 to 97, with 135 stocks unchanged.

Three stocks closed limit-up, while 36 limit-down.

For the week the index lost 262.94 points or 4.35 percent following a 1.27-percent decline the previous week.

Foreign institutions have sold nearly NT$100 billion (US$2.97 billion) worth of stocks over the past 14 trading days.

Taiwan Semiconductor Manufacturing Co (台積電) closed down NT$2.00 at NT$55 and United Microelectronics Corp (聯電) lost NT$0.80 at end at NT$26.90.

Powerchip Semiconductor Corp (力晶半導體) lost NT$2.10 to close at NT$28.30, ProMOS Technologies Inc (茂德) fell NT$1.30 to NT$17.30 and Nanya Technology Corp (南亞科技) shed NT$1.60 to end at NT$22.30. All were limit-down on expectations of softer DRAM prices.
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