Taipei shares close lower on NASDAQ fall, Q1 results concerns

TAIPEI (AFX-ASIA) - Share prices closed lower in lacklustre trade, with already fragile sentiment weakened further by falls on NASDAQ in overnight trade and lingering concerns over first quarter corporate results, dealers said.	    Results so far reported have been generally disappointing, notably in the electronics sector, and more bad news is expected, they added.	    The weighted index closed down 102.06 points or 1.85 pct at 5,416.67, off a low of 5,416.04. 	    Volume was 1.38 bln shares worth 44.64 bln twd, which was the second lightest trade this year. 	    Decliners led risers 420 to 94, with 81 stocks unchanged. 	    Some 11 stocks closed limit-up and 31 limit-down.	    The paper, electronics, textiles, financials, cement, construction, petrochemicals, and food sectors closed down 2.81 pct, 2.10 pct, 1.96 pct, 1.74 pct, 1.73 pct, 1.61 pct, 1.27 pct and 0.96 pct, respectively. 	    The Taiwan dollar closed the morning session at 32.921 against the U.S. dollar, little changed from yesterday's close of 32.918.	    "Investors took note from the NASDAQ weakness overnight and institutional investors' sell-off in the previous session, cashing out ahead of major companies' quarterly results announcement," Capital Management Co Ltd assistant manager Johnny Lee said.	    Select integrated circuits assembly and testing companies reported weak first-quarter results and softening prospects for the second quarter, sparking worries over wafer foundry giants such as TSMC and UMC.	    "Investors parked on the sidelines awaiting TSMC and UMC quarterly results and updated full-year guidance."	    TSMC closed off 2.00 twd at 87.00 and Quanta fell 0.50 to 110.50 as they are due to unveil their first-quarter results after market close this afternoon. UMC dropped 1.00 to 51.50 twd ahead of its quarterly results report on Monday.	    Consolidation will be the theme next week unless any positive fresh leads emerge to lift sentiment, he added. 	    ASE Inc dropped 0.90 twd to 26.60 after reporting lower-than-expected first-quarter results and weak second-quarter prospects.	    Compeq fell 5.50 twd to 101.00, Acer CM lost 2.30 to 43.80 and Acer Sertek shed 2.00 to 63.00 after reporting quarterly results and 2001 forecasts.	    Winbond lost 1.10 twd to 39.00 after reporting its parent loss for the first quarter.	    Inventec closed down 0.60 twd at 39.00, China Steel unchanged at 19.00, China Development down 0.60 at 30.00, Hsinchu International Bank flat at 5.50, Formosa Chemicals down 1.10 at 25.30, Cathay Construction down 0.10 at 7.80, Shinkon Synthetic unchanged at 3.34 and Tainan Spinning down 0.08 at 3.97 after reporting quarterly results.	    Chang Hwa Bank ended down 0.30 twd at 16.70 after cutting its prime rate.	    TECO lost 0.10 twd to 17.50 after unveiling plans for a share buyback scheme.	    Uni-President dropped 0.20 to 17.00 twd on news it plans to move 5 pct of its workforce to other group units.	    Acer Display lost 0.50 twd to 37.10.	    Elitegroup was limit-down 11.00 twd at 160.00. The regulator has expressed concerns about the recent volatility in the company's share price. 

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