Taiwan's key stock index fell for the first time in four days, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on concern its 10 percent gain this week was overdone as its first-quarter profit will fall compared to the fourth-quarter.
The TWSE Index fell 66.11, or 1.1 percent, to 5711.02, near its intraday low of 5697.67. Within the index, 236 stocks fell and 202 rose. Trade at NT$92.7 billion (US$2.9 billion) was 15 percent above this year's daily average of NT$80.8 billion.
Investors said the slowing domestic and international economy will depress earnings and stock prices.
This year, Taiwan's government expects growth to slow to 5.3 percent from last year's 6 percent. The International Monetary Fund last month revised down its forecast for world economic growth in 2001 to 3.4 percent from 4.2 percent.
"Unless clarity comes through on an economic recovery, Asian stocks aren't going to rise significantly," said James Squire, who helps manage US$2.5 billion in Asian stocks at Baring Asset Management (Asia) Ltd in Hong Kong.
US purchases of Taiwan-made goods last month fell 3.4 percent on year to US$2.17 billion. The US was Taiwan's biggest export market.
Chipmakers that make chips on a made-to-order basis fell after earlier gains this week.
TSMC, the biggest build-to-order chipmaker in the world, fell NT$1.50, or 1.6 percent, to NT$90.50, after rising 10 percent in the past three days. United Microelectronics Corp (UMC,
Some computer makers gained on expectations of rising sales.
Notebook computer sales will increase 25 percent to US$653 million and desktop computer sales will rise 3 percent to US$1.2 billion this year, the semi-government Institute for Information Industry (
Asustek Computer Inc (
Cathay Life Insurance Ltd (
China Steel Corp (
Chunghwa Telecom Ltd (
Sunplus Technologies Co (
Via Technologies Inc (威盛科技) rose NT$9, or 2.8 percent, to NT$328. Charlton Chen, a special assistant in the office of the president of Via, said the delay in choosing an investment bank means the company will miss its initial deadline to complete a share sale by June 30.
It takes about four months to get Taiwan and US regulatory approval for a share sale, Chen said.
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