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To: shane forbes who wrote (12808)	6/4/1998 1:23:00 AM
From: shane forbes	Respond to of 25814

(Taiwan goes into the tank in spite of INTC assurances) Taiwan stocks end down 2.84 pct as techs bleed TAIPEI, June 4 (Reuters) - Taiwan stocks took another heavy beating on Thursday as Wall Street's losses and strong margin calls prompted investors to dump electronics shares. Brokers said investors were disappointed with the Taiwan government's lack of aggressive action to support the market. * Close: down 217.24 points/2.84 percent at 7,425.96 * Turnover: modest at T$93.7 bln vs T$92.76 billion * The closely watched electronics sector was hammered for a 6.02 percent loss following overnight losses on Wall Street's technologies-heavy Nasdaq index. * Strong margin-call pressure intensified the selloff. * The Nasdaq lost 19.48 points, or 1.11 percent, to 1,742.31 after a brokerage lowered its earnings forecast for Intel Corp <INTC.O>, whose share movements have huge impact in Taiwan. Wall Street's overnight losses sparked selling immediately after the Taiwan market opened. The benchmark composite index slid 1.04 percent at the open and swiftly lost ground amid strong margin-call selling, plummeting as much as 3.32 percent or 253.40 points to a low of 7,389.80. Late, cautious bargain-hunting narrowed the loss, helping the index crawl back above the 7,400-point level to end at 7,425.96, a net fall of 2.84 percent. Tuesday's fall meant that the index now stands 9.3 percent lower for calendar 1998 and 20 percent below its 1998 peak of 9,277.09 on March 2. Its 1998 low was 7,375.14 on January 12. In broader terms, the index has fallen 26.6 percent from a seven-year peak of 10,116.84 on August 26, 1997, but remains 4.7 percent above the bottom of an Asian crisis-inspired 1997 correction -- a low of 7,089.56 on October 29, 1997. Brokers said investors faulted the government for a failure to come up with effective market stimulus measures that might have reversed the selloff -- or at least limited the damage. 00:38 06-04-98