Wed, Jul 21, 2004 - Page 10 News List

TAIEX slump its longest in 18 months

BLOOMBERG

The TAIEX index fell for a seventh day, its longest losing streak since December 2002, while the New Taiwan dollar also had its lowest close since January on concern higher crude oil prices will hamper the country's economic growth.

The TAIEX fell 163.42, or 3 percent, to 5,325.68, its lowest since last August. Futures for July delivery dropped 3.8 percent to 5,300.

The NT dollar weakened 0.2 percent to NT$33.935 against its US counterpart on the Taipei foreign exchange market, its weakest close since Jan. 2. Overseas fund managers since July 12 sold a net US$85.8 million of Taiwan's shares, according to Bloomberg data.

AU Optronics Corp (友達光電) declined by its daily limit leading other flat-panel display makers lower after Merrill Lynch & Co advised investors to sell the stock, citing falling product prices.

AU Optronics fell 6.8 percent to NT$41.10. Rival Chi Mei Optoelectronics Corp (奇美電子) also drop-ped by its daily limit, slumping 6.9 percent to NT$46.10.

Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) led declines among chipmakers after an industry report showed equipment orders at North American companies slowed. TSMC shed 1.7 percent to NT$41.50. Rival United Microelectronics Corp (聯電) slip-ped 3.2 percent to NT$21.

China Airlines Ltd (華航) fell 5.1 percent to NT$16.80. The government has decided to name Chiang Yao-chung (江耀宗) as the airline's chairman.

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