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14:28 13Jul09 RTRS-Taiwan stocks post worst daily drop in 3 mths * Financials fall on worries of delay in agreement with China * Tourism, construction also fall on China concerns * Taiwan stocks underperform some other bourses in Asia * The TAIEX to trade between 6,350-6,800 this week (Updated quotes, details, indexes) By Joan Hsu TAIPEI, July 13 (Reuters) - Taiwan stocks ended 3.53 percent lower on Monday, logging its biggest daily percentage fall in 3 months, as worries over a delay of an upcoming financial services agreement with China hurt banking shares. The main TAIEX share index <.TWII> dropped 239.04 points to 6,530.82, its worst single day percentage drop since April 17. Turnover was slightly more active at T$121 billion ($3.7 billion) compared with Friday's T$110 billion, but it was still relatively light as investors were cautious before the U.S. earnings season. "Investors are very, very disappointed with the delay of the financial services agreement, they've built their hopes around it," said Alex Huang, a research department director at Mega International Securities Co. "Investors are taking the news as an excuse to sell their stocks because at this point, they really don't expect the stocks to climb higher." Analysts expected the index to continue to fall this week to trade mainly between 6,350 and 6,800 points. "The index could find support around 6,350, but that's if the corporate earnings in the U.S. turn out well. If not, the figures could very well send the index below 6,350," Huang said. The banking and insurance sub-index <.TFNI> plunged 6.44 percent, with Cathay Financial Holding <2882.tw>, Taiwan's top listed financial holding firm, dropping nearly by its daily 7 percent limit as the company's worse-than-expected second quarter profit added pressure to the stock. [ID:nTP6985] Other China-related issues such as construction shares <.TCOI> and tourism shares <.THOI> dived on fears that the delay of the signing of the financial deal with China could have a profound impact on Taiwan's economic competitiveness. The construction sub-index dropped 6.33 percent, while real estate developer Farglory <5522.tw> fell 7 percent to its daily limit. The tourism sub-index <.THOI> fell 5.19 percent, with hotelier Formosa Hotel <2707.tw> slipping 4.54 percent. Technology shares also declined, with heavyweights such as Taiwan Semiconductor Manufacturing Co Ltd <2330.tw> and United Microelectronics Co <2303.tw> dropping 1.96 percent and 2.95 percent, respectively. Bucking the broader trend was Acer <2353.tw>, the world's No.3 PC brand, which traded flat on increasing demand in personal computers. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 3.53 percent Close on day 6,530.82 2009 intraday high 7,084.83 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] (Editing by Jacqueline Wong) ((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 Asia earnings diary [ASIA/EQTY] 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 LME price overview TAIWAN MARKET: Taiwan equity mkt TAIEX <.TWII><.TV.TW> 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/
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