Stocks fell after US and UK aircraft and missiles hit Taliban positions in Afghanistan, raising concern a protracted battle will hurt global economic growth.
Once again, Taiwan Semiconductor Manufacturing Co (
The TAIEX dropped 65.11, or 1.8 percent, to 3,520.35, after falling as much as 2.5 percent. Within the index, 404 stocks fell and 61 rose. The total value of stocks traded today was NT$26.7 billion (US$774 million), less than half this year's average of NT$68.3 billion.
"The market will react negatively to the news of the US military action and will go down," said Cheng Yi-sheng, who helps manage NT$1.5 billion in investments at Taiwan Securities Ltd (台証證券). "The index may collapse below 3,400 before government funds come into the market."
TSMC, fell NT$0.80, or 1.7 percent, to NT$46. The biggest made-to-order chipmaker dropped on concern demand for semiconductors may slide if US military action dents orders for computers, consumer electronics and mobile phones as people prefer to save their money than spend it.
Airline shares declined on concern the US military action will drive away air travelers, causing sales and earnings to decline. China Airlines Co (
Some computer-parts makers dropped on concerns that demand for their products, already weak, may contract further as companies and individuals halt purchases in the wake of military action by the US against terrorists.
Hon Hai Precision Industry Ltd (
Quanta Computer Inc (廣達電腦), Taiwan's biggest notebook computer maker, fell NT$1, or 1.5 percent, to NT$68.
Winbond Electronics Corp (
Shipping stocks fell on concern the military attacks will disrupt traffic passing through the Suez Canal to Europe, causing trade to drop off.
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