Taiwan stocks fell for the first day in four after US services expanded in March at a slower-than-expected pace, raising concern that a global corporate profits rebound may be delayed.
Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) and Quanta Computer Inc (廣達電腦) led declines among electronics stocks, which were the biggest contributors to the index's decline. The TAIEX fell 87.57, or 1.4 percent, to 6207.09. Within the index, 288 stocks fell and 223 rose.
"The economy is recovering, but it's still not clear when profits will start picking up," said Karen Lin, who manages NT$300 million (US$8.6 million) in stocks at Prudential Securities Investment Trust Co (保誠投信). "Some investors are moving to the sidelines until first-quarter results come out."
The total value of trade in the market yesterday was NT$148.3 billion (US$4.2 billion), almost a third above the six-month daily average of NT$113 billion. For the week, the TAIEX gained 0.6 percent. The stock market will be closed tomorrow for the Tomb Sweeping Festival holiday.
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