Taiwan stocks fell, led by United Microelectronics Corp (UMC,
The TAIEX dropped 43.04, or 0.9 percent, to 4,843.82.
Within the index, 353 stocks fell and 74 rose. The total value of trading today was NT$28.5 billion (US$828 million), the second lowest daily turnover this year.
"The question is whether there will be an extended drought in technology spending," said Johnny Summers, who helps manage US$300 million in Asian stocks at Groupama Asset Management in London. "Share prices reflect a pretty dismal view." Over the last three months, the TAIEX has slid 15 percent, the second-worst performing stock market in the world in US dollar terms.
UMC fell NT$0.60, or 1.3 percent, to NT$45.90. The No. 2 contract chip maker may close plants to cut costs as demand for semiconductors drops, according to an e-mail by UMC Chairman Robert Tsao (
In related news, Taiwan Semiconductor Manufacturing Co (
VIA Technologies Inc (
Taiwan's biggest chip designer said June sales fell 25 percent to NT$2 billion from May. The June sales figure was the lowest monthly sales figure for the company since February 2000.
* The TAIEX closed at 4,843.82 with a fall of 43.04 points, or 0.9 percent on the day.
* Daily turnover came in at NT$28.5 billion (US$828 million), second lowest in 2001.
* The TAIEX has fallen 15 percent thus far this year, largely attributed to tech stocks.