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(AFX UK Focus)
2009-11-20 02:25
Taiwan stocks track Wall St lower; TSMC falls |
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TAIPEI, Nov 20 (Reuters) - Taiwan stocks fell 0.5 percent on Friday as big technology names including TSMC came under pressure from losses on Wall Street, and soft turnover showed a cautious mood on the strength of the technology sector's recovery. Around an hour into trade, the main TAIEX share index had fallen 41.74 points to 7,718.24 on turnover of T$36 billion ($1.1 billion). TSMC, which sells the bulk of its chips to North America, dropped 1.3 percent, pulling the broader electronics sub-index 0.6 percent lower. The financials sub-index fell 0.5 percent. "Unless Christmas sales (of technology products) are very good, we don't think the market can rebound significantly," said Alex Huang, director of Mega Interational Securities. However, Huang said the TAIEX could see initial support at the 20-day moving average near 7,600 points next week. PC suppliers to Dell also weakened after the U.S. PC maker posted falling quarterly earnings on lower-than-expected sales. Quanta Computer, the world's top contract maker of laptop comptuers, fell 0.9 percent, and rival Compal Electronics slid a bigger 1.2 percent.
Chip desinger Mediatek was a bright spot, up 0.2
percent, after the company and Qualcomm enter into a patent
arrangement.
(T$1= $32.4)
(Reporting by Baker Li; Editing by Chris Lewis)
((baker.li@thomsonreuters.com; +886 2 2508-0815; Reuters
messaging: baker.li.reuters.com@reuters.net))
(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)
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