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 (
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 (
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.