Taiwan stocks dropped for the first day in five, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after its European rival, STMicroelectronics NV, said fourth-quarter profit dropped 90 percent as demand slumped for chips that power mobile phones and digital video disc players.
The TAIEX fell 34.32, or 0.6 percent, to 5769.78, after rising as much as 2.7 percent. Three stocks dropped for every two that rose. Some NT$201.8 billion (US$5.8 billion) in shares changed hands, almost two-and-a-half times the six-month daily average.
"I'm buying stocks because money is flowing into my portfolio," said Simon Chao, who helps manage NT$1.3 billion in Taiwan stocks at President Investment Corp (統一投資). "But, I'm cautious. I'm worried the economic recovery may be slow, so I'm keeping an eye on company sales and looking for any improvements month on month."
The yen's decline could mean some investors may sell stocks on concern the Taiwan dollar will depreciate further and the value of their stock investments will fall. Chao said.
The New Taiwan dollar shed 0.1 percent to NT$35.105 against the US dollar, taking losses in the past month to 0.7 percent.
TSMC fell NT$1.50, or 1.7 percent, to NT$88.50. The biggest made-to-order chipmaker declined after the widely watched Philadelphia Semiconductor Index, a price-weighted index of 16 companies involved in the design and manufacturing of chips, fell 4.6 percent Tuesday.
Taiwan Semiconductor Manu-facturing Co is expected to say tomorrow its fourth-quarter profit tumbled 85 percent to NT$3.3 billion, as sales fell by a third, analysts said.
Mobile phone operators rose as the government accepted, for a seventh day, bids for five so-called third-generation mobile-phone licenses worth at least NT$33.6 billion.
Far EasTone Telecommunications Co (
Nien Hsing Textile Co (
Realtek Semiconductor Corp (瑞昱半導體) fell NT$5, or 2.8 percent, to NT$175.
The third-best performer last year among Taiwan's 50 biggest companies by market value plans to raise about US$250 million by selling shares overseas, bankers involved said.
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