* Market off five-week closing high as financials weigh
* DRAMs mixed on ProMOS loan issueS
* Asustek rises on reported foreign exchange gains
(Adds details and quotes)
TAIPEI, Feb 16 (Reuters) - Taiwan stocks inched down 0.03
percent on Monday, retreating from a more than five-week closing
high, as troubled DRAM maker ProMOS's <5387.TWO> loan issues
weighed on financial shares such as Mega Financial <2886.TW>.
The main TAIEX share index <.TWII> ended down 1.24 points at
4,591.26, pulling back from a 2.82 percent gain on Friday.
Turnover was light at T$72.4 billion ($2.1 billion), slightly
lower than T$74.6 billion in the previous session.
The financial sub-index <.TFNI> lost 1.18 percent, while Mega
Financial, part of a consortium discussing further lending to
ProMOS, fell 2.42 percent.
"Banks are worried that ProMOS might not be able to pay back
(existing) loans. And many investors were staying on the
sidelines to wait for the results of ProMOS' loan problems." said
Tu Jin-lung, chairman of Grand Cathay Investment Services.
"But it seemed some investors thought ProMOS would get (a
new) loan and continued to buy its shares," said Tu, who expected
the market to trade between 4,584-4,817 points this week.
Shares of ProMOS, Taiwan's No. 3 DRAM maker, surged by their
7 percent daily limit, while the semiconductor sub-index <.TSII>
inched up 0.04 percent.
The Bank of Taiwan is likely to announce a decision later on
Monday on whether a banking consortium it leads would agree to
provide a T$5 billion loan to ProMOS, a local TV station said on
Monday. [nTP71746]
Powerchip <5346.TWO>, Taiwan's top DRAM maker, rose 0.25
percent, but smaller rival Nanya Tech <2408.TW> fell 2.84
percent.
Netbook PC pioneer Asustek <2357.TW> gained 0.6 percent after
a local newspaper said on Monday the firm could see foreign
exchange gains of about T$500 million this month following the
Taiwan dollar's recent depreciation against the U.S. dollar.
"Shares of Asustek won't likely jump a lot in the short term,
because concerns over demand remain. We still need to wait for at
least a quarter to see the effects of Asustek's restructuring,"
said Andrew Deng, a vice president of Taiwan International
Securities Corp.
HOT STOCKS
-- Quanta Computer <2382.TW>, the world's largest contract
manufacturer of laptop PCs, ended 1.65 percent higher even after
saying on Monday its first-quarter shipments would fall by 30
percent or more from the fourth quarter. [nTP89701]
-- Mediatek <2454.TW> fell 0.34 percent after Deutsche Bank
cut its earnings per share (EPS) forecast and target price for
the island's top chip designer. [nTP46084]
Separately, a local newspaper said on Monday the firm could
ship more than 60 million chips used in cellphones in the current
quarter on the back of increasing demand from the mainland.
------------------------------------------------------------
Move on day -0.03 percent
Close on day 4,591.26
2009 intraday high 4,817.44
2009 intraday low 4,164.19
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$34.1)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
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