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Fri, Mar 08, 2002 - Page 18 News List

Chipmakers suffer as funds shift to other companies

BLOOMBERG , TAIPEI

The TAIEX fell for the first day in four, led by United Microelec-tronics Corp (UMC, 聯電), as investors shifted funds from chipmakers to other companies that will benefit from an economic recovery.

"Institutional investors are moving funds into chip packagers and non-electronics stocks," said Michael Yeh, who manages NT$400 million in stocks at United Securities Investment Trust Corp (聯合投信).

Yeh, who holds shares in UMC and rival Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), said he may buy packagers such as Advanced Semiconductor Engineering Inc (日月光).

The TAIEX shed 49.42, or 0.8 percent, to 6,048.15, with 297 stocks rising and 186 falling. Some NT$178.2 billion worth of shares traded, the highest since Jan. 25 and more than the six-month daily average of NT$100 billion.

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