Taiwan: Stocks down as risks seen on near-term growth

[TAIPEI] Taiwan stocks traded down 0.3 per cent on Friday after a preliminary reading of the economy saw risks to near-term growth due to a weakening global outlook, though fourth-quarter GDP growth was seen higher than a previous estimate.

The main TAIEX index fell 21.79 points to 9405.66 as of 0144 GMT, after closing down 0.88 per cent on Thursday.

The economy grew 3.17 per cent in the fourth quarter, the island's statistics agency said Friday before market open, its fastest pace in three years, though the government warned growth in the first quarter could moderate.

Taiwan stocks slumped on the news. The electronics subindex dropped 0.45 per cent, with optoelectronics trading down 1.09 per cent.

Computers and peripheral equipment, however, managed to trade flat, buoyed by contract PC maker and Apple Inc supplier Pegatron Corp, up 1.32 per cent.

The Taiwan dollar was up T$0.008 to stand at T$31.504 to the US dollar.

REUTERS