* Hits near 2-week closing low on Wall Street losses
* ProMOS down after MSCI deletion, but VIA Tech gains
* Asustek falls after modest shipment target
(Adds details and quotes)
By Gina Chang
TAIPEI, May 14 (Reuters) - Taiwan stocks fell 1.87 percent
on Thursday to a near two-week closing low, as financial and
tech shares dropped after weak U.S. data, but gains in shares
added to the MSCI Taiwan Index helped cushion the fall.
The main TAIEX share index <.TWII> closed down 120.97 points
at 6,364.17, following sharp losses on Wall Street, hitting
its lowest finish since May 4. Turnover was active at T$162.7
billion ($4.9 billion), rising from Wednesday's T$159.8 billion.
Cathay Financial <2882.TW>, Taiwan's top listed financial
holding firm, lost 4.02 percent, and Chinatrust Financial
<2891.TW>, the island's largest credit card issuer, dropped 3.35
percent. The financial sub-index <.TFNI> was down 3.73 percent.
"Slides in global stock markets triggered today's fall. But
closer ties with China could help the market resume the upward
trend," said Chang Chi-sheng, a fund manager at Uni-President
Asset Management.
Chang predicted the market would continue to pull back
through the end of May before regaining momentum to test as high
as 7,000 points. The TAIEX recently advanced about 19 percent
over eight straight sessions through to Monday, spurred by hopes
of potential investments from China.
Sentiment was also damped as Taiwan's main opposition party
is set to launch demonstrations on Sunday to protest against
government policies, days ahead of President Ma Ying-jeou's
inauguration anniversary.
ProMOS <5387.TWO>, Taiwan's No.3 DRAM maker and the only
stock removed from the MSCI Taiwan Index <.MSCITW>, dropped by
the 7 percent daily limit. [ID:nTPU001373]
On Thursday, MSCI added 22 stocks to its Taiwan Index,
including real estate developer Farglory <5522.TW>, touch-panel
maker Wintek <2384.TW> and chip designer VIA Technologies
<2388.TW>. (Click [ID:nTP317267] for the list of MSCI additions)
Shares of Farglory were up 3.68 percent. Wintek and VIA Tech
both ended up by their 7 percent limit.
"The adjustment affected individual stocks, but gave limited
support to the overall market since the news had been partly
factored in previous stock buying by foreign investors," said
Alex Huang, a vice-president of Mega International Securities.
Further foreign fund inflows are expected, analysts said, as
global investors who track MSCI indexes are likely to increase
their positions when the reshuffle takes effect later this year.
(For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358])
Netbook pioneer Asustek <2357.TW> fell 1.85 percent, while
the electronics sub-index <.TELI> declined 1.7 percent.
Asustek on Wednesday said it aimed to ship 13 million
portable computers this year, up 25 percent from last year, but
analysts said it could give up market share as it grapples with
reorganisation. [ID:nTP257051]
Powerchip <5346.TWO>, the island's biggest DRAM company,
closed limit-down after a newspaper said it was unable to reach a
consensus with holders of its European Convertible Bonds (ECB) on
a new redemption price and woukld make alternative plans.
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -1.87 percent
Close on day 6,364.17
2009 intraday high 6,680.97
2009 intraday low 4,164.19
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
(US$1=T$33.0)
(Editing by Chris Lewis)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.com@reuters.com))
((If you have a query or comment on this story, send an email to
news.feedback.asia@thomsonreuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar
TAIWAN MARKET:
Taiwan equity mkt
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:[E] [Z] [MF] [M] [T] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:<.TWII> <.MSTW>
Thursday, 14 May 2009 14:31:38RTRS [nTP319203] {EN}ENDS
Posts
No comments:
Post a Comment