Taiwan stocks fall 0.33 pct on political concerns
Wed Sep 13, 2006 10:44 PM ET
(Updates indexes, adds details and analyst quotes)
TAIPEI, Sept 14 (Reuters) - Taiwan stocks fell 0.33 percent
early on Thursday as domestic political concerns weighed, but
investors chased select technology shares such as Foxconn
Technology <2354.TW> with solid fundamentals.
The main TAIEX share index <.TWII> was down 21.68 points at
6,643.19 around one-and-a-half hours into trade. The heavily
weighted electronics sub-index <.TELI> reversed earlier gains
and fell 0.37 percent, while financials <.TFNI> rose 0.09 percent.
"Some tech shares are still supporting the index, but the
market is swaying at around 6,600 to 6,800 points as political
factors are still getting in the way of a real rebound," said
Grand Cathay Securities Vice President Kevin Yeh.
Taiwan protesters began a sixth day of a sit-in protest aimed
at bringing down scandal-plagued President Chen Shui-bian. For
story, double click on [ID:nTP85038].
Foxconn Technology, a components subsidiary of export giant
Hon Hai Precision Industry <2317.TW>, jumped 4.13 percent to
T$290.00 as analysts forecast the firm's shipments to rise in
the third and fourth quarters. Hon Hai rose 1.02 percent.
For a table of foreign trading in Taiwan stocks,
double-click on [ID:nTP16023].
HOT STOCKS
-- Hurt by a 0.78 percent fall on the U.S. Philadelphia
semiconductor index <.SOXX>, Taiwan Semiconductor Manufacturing
Co. Ltd. (TSMC) <2330.TW> <TSM.N>, the world's top contract chip
maker, and smaller rival United Microelectronics Corp. (UMC)
<2303.TW> <UMC.N> were both flat.
-- Plastic lens maker Largan Precision Co. Ltd. <3008.TW>
jumped 5.97 percent to T$710.00 on hopes of rising demand for
camera cellphones and 3G handsets.
Smaller rival Aisa Optical Co. Inc. <3019.TW> rose 2.36
percent to T$151.50.
-- Hannstar Board Corp. <5469.TW> rose 1.09 percent after the
Commercial Times reported that it would spin off its HBI unit in
a Hong Kong listing next month.
-- Taishin Financial Holding <2887.TW> advanced 3.36 percent.
The Economic Daily reported earlier in the day that officials in
China's Fujian province had submitted a report to Beijing,
including a list of proposed preferential policies, seeking more
cooperation with financial institutions in Taiwan.
(US$1=T$32.9)
