Sat, Jul 17, 2004 - Page 11 News List

TSMC leads decline in export sector as TAIEX keeps falling

BLOOMBERG

Stocks fell yesterday, sending the TAIEX to a two-month low. Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) led declines among exporters on concern earnings growth may slow after Nokia Oyj predicted a drop in quarterly profit and sales.

"From chips to mobile phones to telecom equipment, there is simply nowhere to hide," said Charles Chen, fund manager at JF Asset Management Co in Taipei.

"I can only go defensive," he said.

Chen said he prefers shares of banks and phone companies.

The TAIEX shed 40.66, or 0.7 percent, to 5,502.14, the lowest since May 17. The index fell 4.8 percent this week, the largest decline since the five days to June 4. Two shares fell for each that rose. Futures for July delivery lost 0.8 percent to 5,505.

TSMC, the world's largest supplier of made-to-order chips, slipped 1.2 percent to NT$42.50, and slumped 7.6 percent this week.

AU Optronics Corp (友達光電), the world's third-largest maker of flat-panel displays, fell 2.7 percent to NT$44.

Via Technologies Inc (威盛電子), the nation's biggest maker of chipsets for personal computers, tumbled 6.8 percent to NT$24.70.

United Microelectronics Corp(聯電), the world's second-largest supplier of made-to-order chips, rose 0.9 percent to NT$21.60 after falling 4.9 percent in the past four sessions.

Acer Inc, the world's fifth-largest seller of personal computers, rose 1.9 percent to NT$44 after market researcher Gartner Inc reported the company's second-quarter shipments exceeded the industry average.

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