Taiwan stocks fell for the second day in eight as some investors deemed the benchmark's 60 percent gain since its 12-month low on Oct. 3 fully reflected hopes of a profit recovery this year. Asustek Computer Inc (華碩電腦) led the index's decliners.
The TAIEX dropped 73.73 points, or 1.3 percent, to 5,526.32 after rising as much as 1.6 percent. Three stocks fell for every one that rose. The total value of trading yesterday was NT$158 billion (US$4,5 billion), down from NT$166.4 billion yesterday.
"We don't intend to accumulate anymore," said Michael Ding, chief investment officer at International Investment Trust Co (國際投信), which manages NT$102 billion (US$2.9 billion) in investments in Taipei. Ding and his money managers have been buying stocks since November.
Asustek declined NT$6, or 3.7 percent, to NT$157 after reaching a 52-week high of NT$166 earlier yesterday. Shares in Taiwan's biggest motherboard maker have surged 65 percent since its 52-week low on Sept. 25.
The price of 128Mb DRAMs rose to US$2.65 on Wednesday, a 12 percent increase from Monday, according to the DRAM Exchange, a market place for memory chips. The 128Mb DRAM's price has more than doubled from an all-time low on Nov. 6 last year.
Mosel Vitelic Inc (
Chunghwa Telecom Co (
Chunghwa and five other rivals are bidding for five 3G licenses in a nation of 23 million people.s
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