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TAIEX falls fourth day on declining demand for chips

The TAIEX fell for the fourth day yesterday. United Microelectronics Corp (聯電) dropped after the world's second-largest supplier of made-to-order chips said sales last month declined.

Hon Hai Precision Industry Co (鴻海精密) and Chi Mei Optoelectronics Corp (奇美電子) advanced after the companies said sales last month surged from a year ago.

The TAIEX lost 15.25, or 0.3 percent, to close at 6,066.59 in Taipei. The benchmark has fallen 1.2 percent in four sessions, the longest losing stretch since an 11-day decline ended Aug. 19. About three stocks dropped for every two that gained yesterday.

United Microelectronics said sales last month declined 28 percent from a year earlier to NT$8.5 billion (US$256 million). The shares lost NT$0.60, or 2.8 percent, to NT$20.70.

Hon Hai, the nation's biggest electronics company by sales, jumped NT$1.50, or 1 percent, to NT$154. Last month's revenue climbed 65 percent to NT$68 billion, the Taipei-based company said.

Chi Mei, the nation's second-largest maker of flat-panel displays used in computers and TVs, rose NT$0.80, or 2.2 percent, to NT$37.

"Demand for products like cellular phones and flat-screen televisions are boosting sales for Taiwanese electronic makers," Tracy Chen, a Taipei-based fund manager at PCA Securities Investment Trust Co (保誠投信), which manages US$2.3 billion in assets, said.

Compal Electronics Inc (仁寶電子), the world's second-largest notebook computer maker, fell NT$0.70, or 2.1 percent, to NT$32.20. Last month's sales dropped 3.2 percent from a year earlier to NT$18.3 billion.
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