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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (3366)	12/17/2003 8:38:02 AM
From: russwinter	Read Replies (1) \| Respond to of 110194

Isolated case? Taiwan shares plunge 2.30 percent on fresh SARS alert Wed Dec 17, 3:11 AM ET TAIPEI (AFP) - Taiwan shares plummeted 2.30 percent to close at a two-month low as news of a new SARS (news - web sites) case sparked near-panic selling, dealers said. The transport, retailing and hotel sectors were the hardest hit from the news while health care-related stocks benefited from expectations of rising demand. A free-fall was avoided Wednesday, however, after Taiwan's Minister of Finance Lin Chuan said his department was willing to intervene in the event of any "irrational disruptions" in the stock market. The weighted index lost (news - web sites) 135.22 points to 5,752.01, off a high of 5,910.63 and a low of 5,718.44, on turnover of 94.99 billion Taiwan dollars (2.79 billion US). "Companies with high margin buys outstanding could be under more pressure in the wake of the SARS lead," Yuanta Core Pacific Capital Management assistant vice president Jack Tam said. The impact of the new infection on the benchmark index, however, may not be as heavy as that seen earlier this year, he said. President Capital Management analyst Niven Wang said he expected the negative effect to be short-lived since the SARS infection has so far been an isolated case. "It will take a day or two for the market to return to normal if there are no more new infections," he said. The market suffered losses of 500-600 points following reports of the first SARS infection in Taiwan in early March. The benchmark index dipped to an intraday low of 4,044.73 points on April 28 before staging a rally to hit a high of 6,173.85 on October 29. It has been consolidating since then. However, uncertainties emanating from SARS and other influenza-like illnesses may not be fully discounted any time soon due to concerns over such infections during winter, Tam added. Losers led advancers 750 to 110, with 75 stocks unchanged. Some 12 stocks closed limit-up, while six limit-down. The transport sector closed down 3.62 percent, electronics down 2.59 percent, financials down 2.03 percent, cement down 2.18 percent, hotels down 1.76 percent and retailing down 1.62 percent. Of the stocks hit hard on the SARS news, EVA Airways closed down 0.40 at 14.05, China Airlines fell 0.45 to 14.75 and Evergreen Marine Corp. shed 1.60 to 28.40. Far Eastern Department Store down 0.70 at 12.25, Leofoo Development down 0.45 at 9.95 and First Hotel down 0.50 at 17.40. Evergreen Marine Corp shed 1.60 to 28.40. Medtecs closed up 1.40 at 21.40, Farcent Enterprise (news - web sites) Co. up 0.80 at 12.30 and Kang Na Hsiung Enterprise Co. up 1.10 at 17.00. All were limit-up on expectations of rising demand for their products due to SARS case. Taiwan Semiconductor Manufacturing Co. fell 1.50 to 59.50 and United Microelectronics Corp. lost 0.80 to 28.00. First Financial Holding Co. lost 0.20 to 23.30, Cathay Financial was down 1.50 at 51.50 and Yuanta Core Pacific Securities was down 0.30 at 19.70.