* Main index down 1.1 pct to lowest close for a week
* ASE shares limit down after forecast cut
* Tourism shares surge on hope of more Chinese tourists
(Adds details, quote)
TAIPEI, Dec 3 (Reuters) - Taiwan stocks fell 1.14 percent on
Wednesday to a one-week closing low, dragged down by technology
shares on poor outlooks for microchip firms such as ASE <2311.TW>
and TSMC <2330.TW>.
The main TAIEX share index <.TWII> ended 49.72 points lower
at 4,307.26, its weakest finish since Nov. 26, extending a 3.57
percent decline in the previous session.
Turnover was light at T$59 billion ($1.8 billion), up
slightly from Tuesday's T$54 billion.
A day after TSMC cut its guidance for the fourth quarter,
Advanced Semiconductor Engineering Inc (ASE)
largest chip packaging firm, also cut its own revenue forecast
for the same quarter on Tuesday. [ID:nWNAB8610]
"The cuts by ASE and TSMC on their sales forecasts were worse
than expectations. News that companies lowered their sales
guidance and layoffs dampened sentiment in the market," said
Michael On, a manager of Beyond Asset Management.
"However, technology shares have dropped to very low levels
and we believe they're near the bottom and will gradually rebound
in the second quarter of next year," said On, adding he expected
the market to trade between 4,250-4,400 points this week.
ASE shares dropped by their daily 7 percent limit and Taiwan
Semiconductor Manufacturing Co (TSMC)
contract chip maker, slid 2.11 percent, extending a 7 percent
slide on Tuesday.
The semiconductor sub-index <.TSII> fell 3.76 percent.
Adding gloom to the semiconductor industry was news that
industry association SEMI said global sales of semiconductor
equipment were expected to fall 28 percent to $30.9 billion this
year due to deteriorating world economies. [ID:nL2371377]
However, tourism shares <.THOI> bucked the downward trend
with a 5.09 percent jump after local media reported China's Amway
had decided to send 13,000 of its employees on a junket to Taiwan
in March next year, including visits to Taichung and Kaoshiung.
HOT STOCKS
Powerchip <5346.TWO>, Taiwan's top DRAM maker, fell 3.56
percent after its chairman urged the government to devise ways to
support the slowing DRAM industry. [ID:nT277044]
- - - -
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
and Chi Mei Optoelectronics Corp <3009.TW> both fell more than 1
percent.
LCD shares were pressured after market research firm IDC late
on Tuesday trimmed its forecast for global LCD TV shipments this
year due to the economic slowdown.
But IDC expects the LCD TV shipments to grow next year as
lower prices boost new demand. [ID:nTP218874]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -1.14 percent
Close on day 4,307.26
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$=T$33.5)
(Reporting by Gina Chang; Editing By Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
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Wednesday, 03 December 2008 14:11:43RTRS [nTP268907] {EN}ENDS
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