The TAIEX fell, paced by Winbond Electronics Corp (華邦電子), after the nation's biggest computer memory-chip manufacturer by market value reported a larger-than-expected quarterly loss.
"Taiwan's computer memory-chips are suffering from a problem of falling prices that won't be resolved so fast," said Gary Tsai, who helps manage about NT$3.5 billion (US$101 million) in stocks at ING CHB Securities & Investment Trust Ltd. "Prices may stay very low until a big player is pushed out of the market."
Limiting the index's decline, Hon Hai Precision Industry Co (
The TAIEX fell 12.12, or 0.3 percent, to 3,903.49. Within the index, 229 stocks fell and 188 rose. The index rose 7.3 percent in October, its biggest monthly gain since January. The total value of trade today was NT$50.5 billion (US$1.5 billion), about a tenth higher than the six-month daily average of NT$46.3 billion.
Further damping investor sentiment, consumer confidence in the US plunged to its lowest level in more than seven years in October. Falling confidence may restrain spending, which accounts for two-thirds of the biggest economy. The US is Taiwan's largest export destination.
Computer memory-chip makers fell on concern losses may continue to widen as falling computer demand crimps demand for the chips used inside them. Winbond Electronics, Taiwan's largest computer memory-chip maker by market value said third-quarter loss was NT$4 billion, compared with a NT$4.5 billion profit a year ago. Winbond also said it would close a plant and cut managers' salaries to trim costs. Winbond fell NT$0.50, or 4.3 percent, to NT$11.15.
Mosel Vitelic Inc (
Hon Hai Precision rose NT$6, or 4.9 percent, to NT$128. Taiwan's largest maker of personal-computer connectors said third-quarter profit rose to NT$3.8 billion from NT$3.1 billion a year ago, beating analysts' estimates.
Acer Inc (
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