Tue, Jun 28, 2005 - Page 11 News List

Local stocks fall, led by exporters as oil prices soar


Taiwan's stocks fell yesterday, led by exporters such as Hon Hai Precision Industry Co (鴻海精密), as oil prices above US$60 a barrel fueled concern that higher energy costs will damp economic growth and consumer spending.

"Crude oil is the lingering threat to the global economy and overseas demand," said Liu Juming, a fund manager at Ta Chong Investment Trust Corp (大眾投信), which manages US$1.1 billion in assets.

The TAIEX dropped 37.70, or 0.6 percent, to 6,302.99 at the 1:30 pm close in Taipei. About six stocks fell for every five that gained.

The index rose as much as 0.03 percent at 11:41am after a trader at Fubon Securities Co (富邦證券) erroneously bought NT$8 billion (US$223 million) worth of shares, instead of NT$800 million as the order placed by its client Merrill Lynch & Co, the company said.

The orders went to stocks such as Formosa Chemicals & Fiber Corp (台灣化學纖維) and China Motor Corp (中華汽車), the Central News Agency reported, citing unidentified sources at the exchange.

Formosa Chemicals, Taiwan's ninth-largest stock by market value, rose NT$0.10, or 0.2 percent, to NT$61.20. China Motor, Taiwan's biggest carmaker by market value, fell NT$0.25, or 0.7 percent, to NT$33.75. Both stocks jumped by the 7 percent allowed at around 11:39am, according to data compiled by Bloomberg.

Hon Hai Precision, Taiwan's largest electronics exporter, fell NT$4.50, or 2.6 percent, to NT$166.50. Taiwan Semiconductor Manufacturing Co (台積電), the world's largest supplier of made-to-order computer chips, fell NT$0.10, or 0.2 percent, to NT$56.50.

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