Taiwan stocks fell, led by lenders such as First Commercial Bank (
Banks that fail to improve their operations will have to exit the industry, the local Chinese-language media reported, citing Minister of Finance Lee Yung-san (
Taiwan wants to destroy the myth that banks can't go out of business, Lee said in the report.
The TAIEX fell 104.57, or 1.8 percent, to 5571.08. In the past three months, the index has dropped 0.4 percent compared with the bank and insurance subindex's 13.8 rally, which was driven by optimism that lenders' earnings will increase after they write off bad loans.
"The report could be an excuse to sell bank stocks as their valuations have become unreasonable," said Lin Kuan-ho, who helps to manage NT$1.7 billion (US$49.8 million) in stocks at First Global Investment Trust Co (元大證券投信).
First Commercial Bank, which has a non-performing loan ratio of about 8.2 percent and forecasts a NT$28 billion loss this year, fell NT$1.70, or 6.9 percent to NT$23.10.
Within the index, about 10 stocks fell for every one that rose. The total value of trade was NT$48.4 billion (US$1.4 billion), the lowest since Oct. 23, and three-fifths below the six-month daily average of NT$121 billion.
AU Optronics Corp (
South Korea's Samsung Electronics Co said supply of 17-inch flat-panel display screens may exceed demand in the second half of the year as rivals boost production, the local Chinese-language media reported.
Samsung Electronics plans to cut its prices for the screens to increase its market share, the paper reported.
Amtran Technology Co (
Citicorp International Ltd has the option to sell a further US$10 million of the bonds.
Everlight Electronics Co (
King Yuan Electronics Co (
Micro-Star International Co (
Nanya Technology Corp (南亞科技) fell NT$0.70, or 2.2 percent, to NT$31.30. Taiwan's largest computer-memory-chip maker by market value scrapped an application to sell 433 million shares overseas, saying it wants more time for the market to improve. It said it plans to submit a new application this week.
Visual Photonics Epitaxy Co (
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