The TAIEX fell for the second day in three yesterday. BenQ Corp (明基電通) and Asustek Computer Inc (華碩電腦) paced declines by some exporters after crude oil prices surged, raising concern that higher fuel costs will dent global economic growth.
First Financial Holding Co (
The TAIEX lost 5.72, or 0.1 percent, to 5,393.73. Almost five shares fell for every six that rose. Futures for this month shed 0.3 percent to 5,364.
BenQ, the nation's largest mobile-phone maker, slumped 4.4 percent to NT$34.40. Asustek Computer, the world's largest maker of boards that connect chips in personal computers, lost 2.1 percent to NT$70.
Evergreen Marine Corp (長榮海運), Asia's largest container shipping company by fleet size, shed 1.1 percent to close at NT$26.80.
First Financial, the country's fifth-largest financial-services provider, advanced 2.4 percent to close at NT$21.50. It was upgraded to "buy/medium risk" from "hold" at Citigroup Inc because of a recovery in profits and because of expectations the lender might be acquired. Bradford Ti, an analyst at the brokerage, said in a research report today that it estimates First Financial's share price will rise to NT$29 in the next 12 months, down from NT$32 in its previous projection.
Formosa Chemicals & Fibre gained 2 percent to close at NT$50.50.
Jim Hung, an analyst at Credit Suisse First Boston, raised his recommendation for the company to "outperform" from "neutral."
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