TSMC leads decliners as TAIEX falls for sixth day

Stocks fell for a sixth day yesterday. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) dropped after Motorola Inc slashed the initial share sale of its chip unit, suggesting demand for computer-related shares is waning.

"What the Motorola news means is that the decline of global technology shares hasn't yet ended," said Jim Chang (張君銘), a fund manager at Barits Securities Investment Trust Co (倍利投信).

The TAIEX shed 13.04, or 0.2 percent, to 5,489.10 having fallen 5 percent in six days. Futures for July delivery rose 0.1 percent to 5,511.

TSMC, the world's largest supplier of made- to-order chips, fell 0.7 percent to NT$42.20. It fell 7.6 percent last week.

Formosa Petrochemical Corp (台塑石化), the nation's largest private oil refiner, gained after rival LG-Caltex Oil Corp, South Korea's second-largest refiner, said it has lost about 22 billion won (US$19 million) in sales because striking workers took over a plant in Korea.

Formosa Petrochemical rose 2.9 percent to NT$52.50.

Chi Mei Optoelectronics Corp.

(奇美電子), the nation's second-largest maker of flat-panel displays used in computers and televisions, advanced 0.8 percent to NT$49.50. AU Optronics Corp (友達光電), the world's third-largest maker of the displays, gained 0.2 percent to NT$44.10.

But Quanta Display Inc (廣輝電子) dropped 1.4 percent to NT$20.7 and Chunghwa Picture Tubes Ltd (中華映管) slid 2.4 percent to NT$16.1.