Technology stocks lead stock market lower, but NT dollar gains ground

Share prices closed 0.86 percent lower yesterday, extending losses as concerns over President Chen Shui-bian's (陳水扁) tough China stance more than offset gains on Wall Street overnight, dealers said.

Technology bellwethers Taiwan Semiconductor Manufacturing Co (台積電), Hon Hai Precision Industry Co (鴻海) and AU Optronics Corp (友達) were under pressure, leading the losses.

The TAIEX fell 56.01 points to 6,474.69, on turnover of NT$87.49 billion (US$2.68 billion).

TSMC dropped NT$1.10 to close at NT$60.80. Hon Hai was down NT$3.50 at NT$199.00, and AU Optronics fell NT$0.70 to NT$52.20.

On the Taipei foreign exchange market, the New Taiwan dollar rose NT$0.076 to close at NT$32.570 against the US dollar. Turnover was US$1.23 billion.