Taiwan banks fell for the first day in four, led by Hua Nan Commercial Bank, as investors bet the group's 3.6 percent gain this week was overdone.
Limiting the fall was Advanced Semiconductor Engineering Inc, which led some high-tech stocks higher after the world's second-largest chips assembler said net profit tripled in the first three quarters.
The TWSE Index declined 19.37, or 0.3 percent, to 7,681.85, the third session it's finished within a 0.25 percent range of its last close. Some 323 issues were down, 133 up and 81 unchanged. Trading shrank 39 percent from the three-month average to NT$61.0 billion (US$1.9 billion).
"The market atmosphere has been cautious as there's no big news going on out there," said Jimmy Chu, manager of International Investment Trust Co's NT$1.8 billion High-Tech Fund. "Neither foreign investors nor local fund managers are buying shares."
Chu said he plans to maintain his position at 90 percent in coming weeks.
The banking and insurance subindex dropped 0.5 percent to 994.50, narrowing its gain to 3.6 percent in four days. In comparison, the main index has risen 1.6 percent. Hua Nan Commercial Bank, one of the top 10 lenders, slid NT$0.30, or 0.7 percent, to NT$46.20, capping its gain to 14.4 percent this week. Chinatrust Commercial dropped NT$0.60, or 2 percent, to NT$29, narrowing its rise to 5.5 percent in the week. International Commercial Bank of China fell NT$0.70, or 2.1 percent, to NT$32.30.
High-tech shares rose. Advanced Semiconductor said its nine-month net profit surged to NT$5.1 billion from NT$1.68 billion, reflecting a disposal gain. The stock jumped NT$0.50, or 0.5 percent, to NT$96. Delta Electronics Inc, a computer parts supplier for US companies including Compaq Computer Corp, rose NT$3, or 2.4 percent, to NT$130. Asustek Computer Inc, which makes motherboards tailored to Intel Corp's chip sets, gained NT$2, or 0.6 percent, to NT$325.
Faraday Technology Corp, which holds more chips patents in Taiwan than any other company, soared the 7 percent limit to NT$118, bringing its rally to 14 percent in two days. Only 1,000 shares changed hands as investors bet its shares will rise further.
"Given Faraday's promising outlook, nobody would sell the shares under NT$190," said John Lin, a fund manager for Core Pacific Securities Investment Trust Co, which manages NT$47 billion in assets. Faraday expects full-year net profit this year to jump to a record NT$303 million, thanks to rising demand from US companies such as Advanced Micro Devices Inc. Faraday earned NT$210 million in 1998.
Cathay Life Insurance Co, the largest insurer, fell NT$0.50, or 0.6 percent, to NT$80.50. Its pretax profit dropped 33 percent in the third quarter to NT$2.58 billion from the same period a year ago, partly because the company paid out more insurance claims in the wake of last month's earthquake.
China Development Bank, the ruling Kuomintang party's investment arm, rose NT$0.40, or 0.9 percent, to NT$47.20. CDB said yesterday third-quarter net profit soared 81 percent to NT$3.02 billion from a year earlier.
China Steel Corp, the largest steelmaker, gained NT$0.30, or 1.2 percent, to NT$24.10. Its net profit totaled NT$10.7 billion in the first three quarters, meeting 77 percent of its full-year forecast. Still, the result was a 32 percent decline from a year ago.
Pou Chen Corp, the largest supplier for Nike's sports shoes, rose NT$2, or 3.1 percent, to NT$67. Pou Chen's net profit jumped 45 percent to NT$3.09 a share in the nine months to September, based on unaudited figures.
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