The TAIEX suffered its biggest drop in almost nine months, on concern the spread of severe acute respiratory syndrome (SARS) will hurt economic growth.
Taiwan Semiconductor Manufacturing Co (TSMC,
The number of probable SARS cases in the country has risen by nine to 37. Overseas travel by people from Taiwan dropped 60 percent in the first half of this month and foreign visitors declined 40 percent in the same period, according to the Tourism Bureau.
PHOTO: AP
"SARS will devastate greater China's economy," said Phil Chen, who manages Grand Cathay Securities Investment Trust Co's (大華投信) US$46 million High-Tech Fund.
"Companies in the US and Europe haven't just canceled trips, but other business activities and even some orders," he said.
The TAIEX tumbled 189.99, or 4.2 percent, to 4,374.94. That's the index's largest drop since Aug. 5. Just 22 of 610 stocks on the Taiwan Stock Exchange gained.
MSCI Taiwan futures for April delivery in Singapore fell 4.7 percent to 187, while the Taiwan Futures Index shed 4.7 percent to 4,356.
Compal Electronics Inc (仁寶電腦) fell NT$1.30, or 3.3 percent, to NT$38.30. The effects of SARS will increase costs, chief executive officer Ray Chen (
"If customers think the situation is more serious, they may ask us to move production elsewhere," he said.
Quanta Computer Inc (廣達電腦) and Hon Hai Precision Industry Co (鴻海精密) also fell after the government said export orders increased at a slower pace last month. Quanta lost 3.6 percent to NT$68. Hon Hai fell 3.9 percent, to NT$110.
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