Tue, Jan 25, 2005 - Page 11 News List

Stock market down as investors await new cabinet's policy

AFP , Taipei

Share prices closed 1.32 percent lower yesterday after further losses on Wall Street's Friday and on concerns about the economic and financial policies of the new cabinet, dealers said.

The Cabinet resigned yesterday morning in a formal move as newly-elected lawmakers take office after elections last month.

President Chen Shui-bian (陳水扁) has yet to disclose the name of the new premier but government officials have said the announcement should be made soon.

The weighted index closed down 77.43 points at 5,771.48, off a high of 5,862.62 and a low of 5,763.84, on turnover of NT$47.07 billion (US$1.48 billion).

Decliners led gainers 743 to 91, with 115 stocks unchanged.

Eight stocks closed limit-up and 24 limit-down.

"Investors want to see who will head the government's economic and financial agencies and their policies before making investment decisions in the market," said Frank Lin, senior vice president at Fubon Securities Co (富邦證券).

There was also a note of caution ahead of corporate reports of last year's earnings and guidance, he added.

"There are lingering concerns about the impact of currency volatility on these earnings," he said, adding that investors have been reluctant to hunt for bargains until these uncertainties are removed.

Taiwan Semiconductor Manufacturing Co (台積電) shed NT$0.50 to NT$47.00 while rival United Microelectronics Corp (聯電) fell NT$0.30 to NT$19.

Winbond Electronics Corp (華邦電子) lost NT$0.50 to NT$11.10 after it cautioned about continued pressure on product prices.

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