The TAIEX fell for a sixth day, led by exporters such as United Microelectronics Corp (UMC, 聯電), after the Dow Jones Industrial Average dropped to its lowest since 1998, reducing expectations for sales in their largest market.
The TAIEX slid 118.42, or 2.3 percent, to 5043.50, as almost nine stocks fell for every one that rose. The total value of trade was NT$52 billion (US$1.6 billion), almost 30 percent below the three-month daily average.
The TAIEX "will re-cross the 5,000 mark," said Michael Ding (丁予嘉), who manages US$47 million in stocks at International Investment Trust Co (國際投信). "I hope this will expedite the downward adjustment and we'll find a bottom."
The index has dropped a fifth in the past three months. US stocks tumbled as regulatory probes, accounting errors and disappointing forecasts drove investors from the market.
Infineon Technologies AG, Europe's No. 2 chipmaker, declined to predict when its memory-chip making business will post a profit, while Ericsson AB cut its outlook for the global mobile-phone market this year.
UMC, the world's second-largest made-to-order chipmaker, fell NT$1.80, or 4.7 percent, to NT$36.60 after its US-traded shares fell 7 percent to US$6.74, their biggest drop since Nov. 20.
AU Optronics Corp (
Delta Electronics Inc (
The company and its units expect sales this year to climb more than a third from a year ago to US$3.1 billion. Sales are rising as it wins new orders from Microsoft Corp, Sony Corp, and Hitachi Ltd.
Elitegroup Computer Systems Co (
Enlight Corp (英誌) fell 25 cents, or 2.2 percent, to NT$11.30. The computer-case maker plans to raise US$25 million selling 72 million shares to overseas investors to pay back foreign currency debt.
HannStar Display Corp (
Hua Nan Financial Holdings Co (華南金控) fell NT$1.60, or 6.9 percent, to NT$21.50. The owner of the nation's fifth-largest bank by assets expects to write off more than the NT$54 billion it had forecast this year, after writing off NT$49 billion in the first half, a Chinese-language newspaper reported, citing Hua Nan President Hsu Teh-nan (許德南).
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