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Thu, Mar 28, 2002 - Page 18 News List

Taiwanese stocks follow TSMC and Asustek downward

BLOOMBERG , TAIPEI

Taiwan stocks declined for the first day in three, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), as investors said gains by computer-related shares this month were excessive given their profit outlook.

Computer-related stocks, which make up three-fifths of the TAIEX, gained more than 10 percent as a group this month before dropping yesterday.

Financial stocks rose as investors bet earnings will improve as the nation's lenders combine their businesses, reorganize and write-off bad loans.

The TAIEX shed 94.89, or 1.5 percent, to 6147.75. Within the index, 190 stocks gained, 319 stocks fell while 48 were unchanged. The TAIEX electronics index dropped 2.7 percent, its biggest one-day loss since Feb. 20.

"Taiwan stocks have been volatile around the 6,250 level," said Ann Chou, who helps manage NT$600 million (US$17 million) at Barits Securities Investment Trust Corp (倍利投信). "Electronics stocks have been under pressure because many of their prices have risen above their net worth."

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