Stocks fell for a third day, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), after a DigiTimes newspaper report that Royal Philips Electronics NV said it was too early to forecast a recovery in chip demand.
The TAIEX dropped 73, or 1.5 percent, to close at 4,653.50. More than five stocks fell for every two that rose. The total value of trade was NT$70.45 billion (US$2.02 billion).
TSMC shed NT$1.50, or 3.2 percent, to NT$46.10.
Philips Semiconductors said it's too early to predict a recovery in the industry even though it's been receiving many last-minute orders, the DigiTimes newspaper reported. Philips owns about 30 percent of TSMC.
"Rush orders are better than no orders at all, but they can't be seen as a sign of demand picking up," said Cheng Yi-sheng, who helps manage about NT$370 million at Taiwan Securities Co (台証證券).
Cheng said he's selling electronics and China-related stocks.
"We don't see a major rally before the end of the year, so it doesn't make sense to build up your portfolio," he said.
China Steel Corp (中鋼) slid NT$0.60, or 3.1 percent, to NT$18.70. China said it will impose tariffs of as much as 23 percent on five types of steel imports, including steel from Taiwan.
Microelectronics Technology Inc (
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