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Taiwan stocks closed 0.05 percent lower on Tuesday, dragged down by TSMC and other major technology shares as investors worried that they could be overbought after the market's recent run-up to an 18-month high. The main TAIEX share index closed down 3.66 points at 8,053.83, even after the Taiwan government released a positive November leading indicators index, which rose for a 10th straight month.
Turnover dropped to T$132.4 billion ($4.1 billion) from T$139.6 billion in the previous session. "Taiwan stocks have risen for a few days and are now taking a breather as worries about them being overbought dawn upon investors," said Ernest Chiang, fund manager with IBT Asset Management.
TSMC, the world's largest contract chip maker, fell 0.63 percent, while rival UMC rose 0.3 percent. The semiconductor sub-index was 0.04 percent higher. Hon Hai Precision Industry, the island's biggest electronics parts maker, was unchanged. Quanta, the world's largest contract laptop PC maker, slid 1.42 percent. The broader electronics sub-index was up 0.13 percent.
Fubon Financial edged down 0.39 percent, while rival Chinatrust Financial fell 0.51 percent, with the broader financial sub-index 0.41 percent lower. Chi Mei Optoelectronics jumped 2.3 percent on a newspaper report that the island's No 2 LCD maker, which has announced a merger with Innolux, secured orders from South Korea's Samsung Electronics to supply LED-lite LCD panels and assemble LED TVs. The optoelectronics sub-index rose 0.49 percent. Tourism shares also bucked the trend. Ambassador Hotel climbed 0.64 percent and Leofoo Development Co gained 1.27 percent, with the tourism sub-index up 0.72 percent.

Copyright Reuters, 2009

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