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To: DJBEINO who wrote (8296)	8/29/2000 8:56:21 AM
From: DJBEINO	Respond to of 9582

CSMF.SI closed @15.000 +0.200 +1.35% 1,299,000

To: DJBEINO who wrote (8296)	8/30/2000 2:26:39 AM
From: DJBEINO	Respond to of 9582

UMC closed @ 81.50 - 2.00 vol 31,601,927 3rd most active ++++++++++++++ Aug 29 net purchase 10,396m shares ++++++++++= TAIWAN WEIGHTED closed @ 7543.96 -273.53 (-3.50%) ++++++++ WRAP: Taiwan Stk Sell-Off Could Continue This Week By Kirby Chien Of DOW JONES NEWSWIRES TAIPEI (Dow Jones)--Taiwan shares fell for the sixth straight session Wednesday to levels not seen since mid- November, and analysts say the carnage may continue for several more sessions. "The new government's (anti-corruption) campaign triggered today's crash...which could continue for the next few days," said Christopher Yuan a fund manager at Jardine Fleming Taiwan Investment Management Ltd. An expanding anti-corruption campaign by the new government is scaring investors, who fear the investigations could spread to more listed companies and reveal more bad loans at banks. On Wednesday, Taiwan's bellwether index opened lower and continued a steady session-long slide to end down 3.5% to 7543.96, the largest daily fall since May 20, the day President Chen Shui-bian was sworn in. At greatest risk are companies in Taiwan's traditional industries, especially construction and property-related firms, many of which are highly leveraged with loans collateralized by stocks, said analysts. While investors dumped shares in all sectors, the island's old-economy companies were hit hardest. The cement subindex sank 6.1% and paper shares lost 6.4% of their value, while electronics outperformed by falling only 3.0%. Completing the rout were increasing margin calls and redemption selling by mutual funds that were triggered by the falling value of loans based on share prices. The question now is not what, but how far. "Technically we can look at 6,800 as a support, but for the near term keeping an eye on policy developments will be better than any predictions," said Johnny Lee, strategist at President Securities in Taipei. Falls Reveal Buy Opportunities On Tuesday, government prosecutors said they were investigating suspect loans by state-controlled Chang Hwa Commercial Bank totaling more than NT$1 billion ($1=NT$31.071) to a now-bankrupt business group. The loans may be tied to a former Chang Hwa chairman and other family members. Chang Hwa shares ended down the daily maximum 7% Wednesday for the second consecutive session. Last Friday, a prominent lawmaker and businessman Wang Ling-lin was arrested for alleged breach of trust in a land deal involving Rebar Group unit ET Internet Technology Corp. The involvement of Rebar, one of Taiwan's largest groups and of which Wang is the vice-chairman, sent the main index down 2.2% on Monday. However, some analysts are already talking about buying opportunities amid the rubble. As the index nears 7500, there are many shares that look attractive, said Jardine's Yuan, who manages some NT$2 billion in funds and will be looking to do some bargain hunting in the next couple of days. Many electronic companies are still worth buying, especially the big integrated circuit makers like Taiwan Semiconductor Manufacturing Corp.(TSM) and IC packaging companies, said Yuan. In addition, some of the new private banks like Bank Sinopac (2839.TW) and Taishin International Bank (Q.TIL) that have moved aggressively into e-banking are also at attractive evaluations, added Yuan.