Stocks declined for a third day, led by lenders such as First Financial Holding Co (
Newspaper reports say the government has pushed back the timeframe for banks to meet lower bad-loan ratio targets, which will slow down a balance sheet clean-up.
"The health of Taiwan's financial companies will be in doubt if the government lacks the determination to clean up bad loans," said Edward Hsieh, who manages NT$840 million (US$24 million) Duo Fu Fund at First Global Investment Trust Co (元大投信).
First Financial fell NT$0.60, or 2.7 percent, to NT$21.50. Hua Nan Financial shed NT$0.90, or 4 percent, to NT$21.50.
The TAIEX was little changed, dipping 0.13 point to close at 4,550.70. Trading was worth NT$62 billion (US$1.8 billion), or a quarter less than the daily average in the past three months.
Makers of flat-panel displays gained after AU Optronics Corp's (友達電子) chairman said the company may make a first-quarter profit after it increased prices and boosted production this month.
"Demand is very strong," AU Optronics chairman Lee Kun-yao (李焜耀) said on Wednesday. The company will raise prices for benchmark panels that measure 15 inches diagonally and 17-inch screens by up to US$10 dollars, Lee said.
AU Optronics, the world's third-largest maker of flat-panel displays, rose NT$0.90, or 3.8 percent, to NT$24.50. Chunghwa Picture Tubes Ltd (中華映管), AU's largest rival, climbed NT$0.50, or 4.1 percent, to NT$12.80. Quanta Display Inc (廣明電子) added NT$0.50, or 4 percent, to NT$13.20.
"Demand for flat panels has showed solid improvement, brightening the outlook for liquid crystal displays makers," said Phil Chen, who manages Grand Cathay Securities Investment Trust Co's (大華投信) US$46 million High-Tech Fund.
Chen said he plans to "accumulate" shares of flat-panel makers.
China Airlines (華航) fell NT$0.30, or 2.1 percent, to NT$13.90. The government said it wants to sell a 36 percent stake in the company to raise funds to help pay government debt and update China Airlines' fleet. The government plans to sell the stake by the end of the year to raise as much as NT$17 billion.
Chunghwa Telecom Co (
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