(Adds Taiwan share reaction, updates prices)

SEOUL, Nov 17 (Reuters) - Shares in top South Korean tech names fell on Monday as investors responded to Friday's warning by top handset maker Nokia Oyj (NOK1V.HE: Quote, Profile, Research) about weakness in the world's mobile phone market next year.

Shares in Samsung Electronics (005930.KS: Quote, Profile, Research), which trails Nokia in the handset market, fell 3.12 percent to 450,500 won and world No. 5 LG Electronics Inc (066570.KS: Quote, Profile, Research) lost 4.76 percent to 76,000 won after falling as much as 7.5 percent, underperforming the wider market's .KS11 0.91 percent fall.

The Nokia waves were felt in Taiwan where smartphone maker HTC Corp (2498.TW: Quote, Profile, Research) fell by 5.82 percent, underperforming the benchmark TAIEX share index .TWII, which dropped 0.29 percent.

Taiwanese cellphone component makers fell, with shares in Largan Precision (3008.TW: Quote, Profile, Research), which makes the lenses used in many camera-enabled cellphones, and Unimicron (3037.TW: Quote, Profile, Research), which makes printed circuit boards, both down by their daily 7 percent limit.

"A slowdown in demand in the technology sector had been expected, but it really hit home when Nokia, whose forecasts are very accurate, issued its warning," said Chung Sung-ho, an analyst at KB Investment & Securities.

Handset makers had remained relatively unscathed by the global economic crisis this year, but analysts said Nokia's warning, following those by Qualcomm (QCOM.O: Quote, Profile, Research) and Intel (INTC.O: Quote, Profile, Research), underscored a rapid weakening of consumer electronics demand.

Nokia forecast 1.24 billion phones would be sold worldwide this year, down from a previous estimate of 1.26 billion, and said handset market volumes and the overall telecommunications equipment market was expected to fall next year. [ID:nLE248399]

It now expects fourth-quarter industry volumes to be around 330 million mobile devices, down from a year ago, and well below the 346 million average forecast in a Reuters poll earlier this month.