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TAIEX slips on earnings concerns as caution prevails

Share prices closed 0.96 percent lower yesterday as early gains on Wall Street's rally overnight and Intel Corp's better-than-expected earnings gave way to concerns about local corporate results, dealers said.

They said disappointing figures from DRAM chip maker Powerchip Semiconductor Corp (力晶半導體) highlight concerns about the local outlook, with trade cautious overall.

The TAIEX closed down 55.34 points at 5,693.01, off a high of 5,799.85 and a low of 5,683, on turnover of NT$63.72 billion (US$2.02 billion).

Declines led gainers 732 to 137, with 138 stocks unchanged.

Seven stocks closed limit-up and 43 limit-down.

The key electronics sector was down 1.53 percent despite the Intel results, while food fell 1.19 percent and petrochemicals shed 0.88 percent.

The construction sector was up 0.55 percent.

"The disappointing Powerchip lead hit sentiment, renewing concerns over corporate results," said a manager at a securities investment trust fund company.

Riding on early gains, investors cashed out or adjusted their portfolios before upcoming earnings reports, the fund manager added.

Taiwan Semiconductor Manufacturing Co (台積電) was steady at NT$50.10 as was United Microelectronics Corp (聯電) at NT$17.85, finding no support for any gains in Intel Corp's upbeat first-quarter results.

AU Optronics Corp (友達光電) was down NT$1.40 at NT$45.45, ProMOS Technologies (茂德科技) down NT$0.70 at NT$11 and Nanya Technology Corp (南亞科技) fell NT$1.30 to NT$19.35.
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