Taiwan Stocks Fall Most in Asia as LCD Shares Drop: Taipei Mover
Taiwan’s shares fell the most among Asia’s equity markets, led by the nation’s biggest flat-panel companies.
Innolux Corp. (3481), the largest liquid-crystal display maker on the island, dropped 4.2 percent. AU Optronics Corp., the second biggest, declined 3.3 percent. Chunghwa Picture Tubes Ltd. decreased 1 percent.
The Taiex index retreated 0.6 percent to 7,760.40 at 11:47 a.m. local time, poised for the biggest drop since Dec. 21. The benchmark measure has gained 9.5 percent from its Nov. 21 low.
“There’s some profit-taking after we rose for a while and the index is being dragged down by the LCD makers as well,” said Sam Hsieh, a Taipei-based fund manager at Fuh Hwa Securities Investment Trust Co., who helps oversee the equivalent of $7.8 billion. “There are no new drivers so investors are taking a break. Still, the Taiex should gain this year as the global economy is recovering.”
U.S. payrolls rose by 155,000 workers last month following a revised 161,000 advance in November, which was more than initially estimated. The median estimate of 82 economists surveyed by Bloomberg called for an increase of 152,000.
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