Taiwan stocks fell in the slowest trading since February. Silicon Integrated Systems Inc led electronics lower after its president disclosed a plan to sell SIS shares, raising concern the electronics sub-index's six-week, 22 percent rally isn't justified by earnings growth.
Adding to the concern, some investors fretted the main index will drop further as it typically declines around the Mid-Autumn Moon Festival, which falls sometime in September. Since 1990, the main index posted four declines in September. The steepest fall was 25.6 percent in September 1990, while the largest gain was 7.1 percent posted in September 1991.
Yesterday, the TWSE Index fell 44.79, or 0.6 percent, to 7972.14, its fifth decline in six days. Some 317 issues fell, 121 rose and 84 were unchanged. So far this month, the index has shed 2.3 percent against an 11.3 percent gain in August. Trading today totaled NT$50.07 billion (US$1.6 billion), the slowest since Feb. 9.
``The market sentiment is extremely cautious,'' said Vincent Ho, vice president of Kwang Hua Investment Trust Co, which handles US$1.8 billion in assets. ``The index is very likely to trade within a narrow band in the near term.'' Ho said his company's funds plan to maintain their exposure to stocks at 87 percent through this month.
SIS, a rival of Intel in making computer chip sets, shed NT$4, or 3.2 percent, to NT$120 after SIS president Liu Hsiao-ming told reg-ulators on Saturday he plans to sell 3.65 million shares. Still, the shares have jumped 45 percent since Aug. 6, while the key index added 17 percent. Mosel Vitelic Inc, a memory chipmaker, dipped NT$0.20, or 0.6 percent, to NT$32, capping its gain to 45 percent during the period. Ritek Inc, which makes computer discs for Philips Electronics NV, shed NT$4, or 1.9 percent, to NT$212. It's up 43 percent over the period.
Far Eastern Textile Co rose after local newspapers reported on Saturday that Standard & Poor's will include it and 16 other companies in a new Asia stock index, raising hopes international investors will buy these shares.
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