Taiwan stocks market down july 11 2011

Taiwan stocks market down july 11 2011 : Taiwan stocks extended losses by mid-session on Monday, as investors were hesitant to enter the market on worries over the outlook of the electronics sector in the third quarter.

TSMC dipped more than 2 percent, while UMC was off 0.35 percent, after both posted a month on month decline in sales for a third consecutive month in June.

"Not much capital is entering the market. Foreign investors are worried about the pressure at the quarterly moving average at 8,800 points and the outlook of the electronics sector in the third quarter," said Tom Tang, a vice president of Masterlink Investment Advisory.

The main TAIEX index fell 0.86 percent by 0143 GMT, to 8,674.02, after opening flat. The semiconductor sub-index was one of the biggest losers, slipping 1.57 percent.

Quanta Computer Inc shed 0.86 percent after it reported a 11.22 percent decline in June sales. Separately, newspapers said on Monday the company lost iPad 3 orders from Apple Inc , who was looking for another contract maker in addition to Hon Hai , to computer maker Pegatron . Pegatron was up 1.62 percent.

Hon Hai , however, was up 0.51 percent, after the main manufacturing partner of Apple Inc reported a 15.7 percent rise in June unconsolidated sales.

Banking shares edged up 0.59 percent, with Cathay Financial Holding climbing 1.81 percent. Taiwan's top financial holding firm said net profit last month was the highest since September 2008, thanks to its life insurance unit.

The Taiwan dollar was flat at T$28.795. Foreign investors were net sellers on Friday, bringing their total selling to T$2.08 billion this month. For the latest updates PRESS CTR + D or visit Stock Market news Today

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