Home / Taiwan Business
Thu, Mar 14, 2002 - Page 18 News List

Stocks decline, led by Hon Hai as Nokia cuts outlook

BLOOMBERG , TAIPEI

Taiwan stocks fell, led by companies that make parts for mobile phones such as Hon Hai Precision Industry Co (鴻海精密), after Nokia Oyj lowed its first-quarter sales outlook.

The TAIEX fell 34.20, or 0.6 percent, to 6088.34. Within the index, 361 stocks rose and 170 fell. Trading was NT$130 billion (US$3.7 billion), 5 percent below the daily average in the past three months.

Nokia, the world's largest mobile phone maker, said first-quarter sales will fall more than the 10 percent it previously expected.

Lucent Technologies Inc, the biggest US maker of phone gear, cut its forecast for sales through March 31.

"This will have a negative impact on all mobile phone-concept stocks," said Mike Shiao (蕭光一), who manages NT$1.2 billion (US$34.3 million) in stocks at Taiwan International Investment Management Co (金鼎投信). "This is a good excuse for consolidation for stocks that have gotten too expensive."

Hon Hai fell NT$3, or 1.8 percent, to NT$164. Ichia Technologies Inc (毅嘉科技), which makes keypads for Nokia's phones, fell NT$1.5, or 2.8 percent, to NT$52. Compeq Manufacturing Co (華通電子), which makes printed circuit boards for Nokia, was unchanged at NT$54 after dropping as much as 5.6 percent.

Other mobile phone and handset-parts makers declined after Siemens AG, the world's third-largest producer of mobile phones, cut its forecast for 2002 industry handset sales to between 400 million and 420 million units from a previous projection of as much as 450 million.

This story has been viewed 2324 times.
TOP top