Taiwan: Stocks down following overseas caution

[TAIPEI] Taiwan stocks dipped on Thursday following losses in overseas markets but trade was cautious ahead of data from the United States, one of the island's key export markets.

As of 0154 GMT, the main TAIEX index fell 23.12 points, or 0.2 per cent, to 9,598.61, after closing up 0.2 per cent on Wednesday.

The main index has been trying to breach the 9,700 mark, a level that it last closed above in October 2007. It made it as high as 9,699 in late Feburary before falling back.

Solid economic growth should help bolster shares, particularly as foreign investors have been net buyers on a daily basis since the start of February.

Taiwan's export orders and industrial output for January issued earlier this week both indicate growth momentum remains solid. January's industrial output grew at its fastest pace in three months.

The electronics subindex was down 0.1 per cent, while the financial subindex was also off 0.4 per cent.

The Taiwan dollar was up T$0.015 to stand at T$31.465 to the US dollar.

REUTERS