TW market friggin' Freaky 11Nov

14:15 11Nov2008 RTRS-Taiwan stocks fall 2.2 pct, hit by techs and banks

* Financials down on fears of worsening economic crisis
* PC shares fall after Circuit City files for bankruptcy
* TSMC, Hon Hai mixed after October sales

(Adds details, quotes)
TAIPEI, Nov 11 (Reuters) - Taiwan stocks fell 2.2 percent on
Tuesday as worries about a worsening economic crisis hit
financials, and some PC shares slid after a top U.S. electronics
retailer filed for bankruptcy weeks before a top sales period.
The main TAIEX share index <.TWII> closed 101.70 points lower
at 4,638.57, on thin turnover of T$55.5 billion ($1.7 billion).
The financial sector <.TFNI> fell 5.2 percent and the electronics
sub-index <.TELI> lost 2.1 percent.
"Everyone's got lower expectations for Christmas this year,"
said Vincent Chen, head of downstream tech at Yuanta Securities.
"Many companies have been cutting forecasts and year-end
inventories are still looking quite full. Even Apple is
cutting orders."
Taiwan's tech exporters, already reeling from weak export
numbers released on Friday, extended their losses after U.S.
retailer Circuit City filed for bankruptcy as
investors looked warily ahead at the Christmas shopping season.
Shares of Acer Inc <2353.TW>, the world's No.3 PC vendor,
shed 6 percent and contract laptop maker Compal Electronics
<2324.TW> were down 6.8 percent.
Taiwan is a tech powerhouse whose electronics sales provide a
measure of global demand. The island's companies make much of the
world's electronics, including more than half of all laptop PCs.
The world's top contract chip maker TSMC <2330.TW>
fell 0.2 percent after reporting a 10 percent annual drop in its
October sales on Monday, while electronics parts maker Hon Hai
<2317.TW> added 0.3 percent after its October sales rose
[ID:nTP226989].
Financial shares joined in the fall despite various
government measures in recent weeks to boost investor confidence,
including the fourth interest rate cut in two months on Sunday.
Leading financial holding company Cathay Financial <2882.TW>
slipped 6.9 percent to its daily limit. Shin Kong Financial
<2888.TW> was limit down and Chinatrust Financial <2891.TW> fell
5 percent.
"Besides being affected by the bad news that is emerging from
the market, these financial companies have been climbing for a
while now so we are seeing some form of a correction now," said
Parker Wu, an analyst at Shin Kong Investment Trust.

--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -2.15 percent
Close on day 4,638.57
2008 intraday high 9,309.95
2008 intraday low 4,110.09
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]

(Reporting by Kelvin Soh, Editing by Keiron Henderson)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:kelvin.soh.reuters.com@reuters.net))
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