Taiwan Stock Discussion

[Stock]

Bank of New York has a great amount of ADR news and content:

http://www.adrbny.com/dr_news_afx.jsp

Asian ADRs: Taiwan shares lead Asia declines

Jun 05, 2006
NEW YORK (MarketWatch) -- U.S.-listed stocks of Asia-based companies traded sharply lower Monday, led by declines in Taiwanese stocks, with further pressure coming from weakness in the broader U.S. market.

The Bank of New York Asia ADR Index was last down 2.1% at 141.87, while the Bank of New York Composite Index fell 1.7% to 146.62.

In Asia earlier, Asian markets diverged, with Japanese stocks sliding on profit taking and concern about the U.S. economy, while Hong Kong shares rose as bargain hunting and a surge by Chinese property stocks generated upward momentum. In Tokyo, the Nikkei 225 closed at 15,668.31, down 0.8%.

Other markets were mostly lower, with India, Thailand, Singapore, Taiwan and Korea following Japan south. Indexes in China and Australia managed slight gains. See Asia markets.

Taiwan stocks plunged 3.5% as a standoff between the president and those calling for his resignation threatened to mire the island in political instability.

President Chen Shui-bian relinquished policymaking powers last week amid an insider trading scandal involving his son-in-law. Over the weekend, the President's Office rejected calls by the opposition for Chen to step down.

In New York, U.S. stocks fell to their lows for the session after Federal Reserve Chairman Ben Bernanke made a tough speech on inflation, prompting concern the central bank is far from done with raising interest rates. See market snapshot.

Taiwanese ADRs were the biggest decliners, tracking losses in their home markets. The Bank of New York Taiwan index was last down 4.6% at 169.73.

Volume leader Taiwan Semiconductor Manufacturing fell as much as 4.7% to $9.33. United Microelectronics Corp. lost 7% to $3.21. LCD-maker Au Optronics was off 5.4% at $13.94.

From China, shares of online-game operator Shanda Interactive Entertainment Ltd. rose 0.6% to $14.5 after news that two senior employees have resigned from the company.

Shanda confirmed Monday that General Counsel Greg Pilarowski, who joined Shanda in March 2004, left the company last week.

Gary Chang, a vice president responsible for international business development, also stepped down in late May, Shanda confirmed. Chang was previously in charge of research and development.

A Shanda investor relations official said the two left for "personal reasons."

The company's stock, one of the hottest on the Nasdaq in the months after its May 2004 IPO, has lost two-thirds of its value since peaking in December 2004. Shanda, based in Shanghai, was founded in 1999. See full story.

Other Chinese Internet stocks traded mixed.

Search engine Baidu.com last gained 1.1% at $83.66. Online portal Sina.Corp. was down 2.2% at $24.27, while Sohu Com Inc. lost 2.4% at $25.02.

Korean ADRs also traded lower.

Online game developer Webzen Inc. fell as much as 7.3% to $5.6. Kookmin Bank lost 4.4% at $78.47. Woori Finance traded down 2.9% at $57.35.