Banks lead TAIEX to its lowest mark in over a month

Stocks fell yesterday, with the TAIEX sliding to a one-month low. Mega Financial Holding Co (兆豐金控) led banks lower after its client Procomp Informatics Co (博達科技) said it will default on a bond payment due tomorrow.

The benchmark fell 86.33, or 1.5 percent, to 5,560.16, the lowest since May 17. About nine shares fell for every one that rose. TAIEX futures for June delivery shed 0.8 percent to 5,560.

Mega Financial fell 3.2 percent to NT$21.30. Hua Nan Financial fell 2.9 percent to NT$26.50. Both are lenders to Procomp, according to Procomp's annual report.

Procomp, the maker of chips used in communications and networking devices, fell 6.6 percent to NT$8.45.