Taiwan's key stock index fell, led by Quanta Computer Inc (
Taiwan Semiconductor Manu-facturing Co (TSMC,
The TWSE Index fell 5.93, or 0.2 percent, to 3811.20, its third decline in 10 days. The index had risen 11 percent since Oct. 4. The total value of trade was NT$35.6 billion (US$1.03 billion), a quarter less than the six-month daily average of NT$47.4 billion. Within the index, 255 stocks fell and 168 rose.
"After the recent share price rebound, maybe we should focus on the fundamentals again and face the reality that there's no final demand at all and visibility's still very low," said Steven Hsieh, who manages approximately NT$2.5 billion (US$72 million) in stocks at Dresdner Asset Manage-ment Taiwan Ltd.
Computer makers fell on concern anthrax scares in the US will further sap consumer demand for personal computers.
Electronics make up the biggest share of the nation's exports.
Global PC sales dropped 12 percent to 30.6 million units in the third quarter, according to Gartner Inc's Dataquest.
Quanta Computer, the country's biggest notebook computer maker, fell NT$3.50, or 4.8 percent, to NT$69.50. Asustek Computer Inc (華碩電腦) fell NT$2, or 1.7 percent, to NT$114.50. Hon Hai Precision Industry Co (鴻海精密), which makes everything in a computer except chips, shed NT$4.50, or 3.6 percent, to NT$121.
TSMC rose NT$1.50, or 2.6 percent, to NT$59.50 on optimism the biggest made-to-order chipmaker's profit will rise in the fourth quarter from the preceding quarter. The stock has gained more than a third since Oct. 4.
"Lots of local and foreign institutional investors are returning to the stock because they were underweight before," said Steve Chu, a fund manager at ING CHB Securities & Investment Trust Ltd.
Airline shares rose after the government approved a Ministry of Transportation and Communications proposal to extend to Dec. 25 a plan to provide insurance for airlines to help cover liabilities caused by terrorist acts or acts of war. The plan still requires parliamentary approval. China Airlines Co (
Cathay Life Insurance Co (國泰人壽) fell NT$0.30, or 0.8 percent, to NT$36.30. Taiwan's largest insurer said it agreed to buy Capital Securities Corp (群益證券) and is mulling a bid for United World Chinese Commercial Bank (世華銀行). Capital Securities climbed NT$0.75, or 6.6 percent, to NT$12.05.
China Chemical & Pharmaceutical Co (
Compeq Manufacturing Co (華通電子) fell NT$2.50, or 6.7 percent, to NT$34.60. The maker of printed circuit boards for customers such as Intel Corp and Nokia Oyj said in a statement to the stock exchange sales may trough in the first quarter next year as slowing economic growth and the effects of the Sept. 11 terrorist attacks crimp demand.
Delta Electronics Inc (
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