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Taiwan: Stocks down on profit-taking

Monday, September 26, 2016 - 12:07
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[TAIPEI] Taiwan stocks fell on Monday as investors booked profits following caution in overseas markets and ahead of a rate decision meeting later this week.

The island's central bank is due to meet Thursday for its quarterly policy meeting and is expected to hold fire after back to back rate cuts on improvements in manufacturing and export-related activity in recent months.

But nervousness from regional markets also spurred profit-taking after recent gains locally.

Investors are awaiting Monday evening's US presidential debate between Donald Trump and Hillary Clinton, which will take place early on Tuesday in Asian time zones.

As of 0345 GMT, the main Taiex index was down 0.8 per cent at 9,212.51 points.

The index had closed 0.5 per cent higher in the previous session, posting a fifth straight session of gains.

The electronics subindex sank 1.0 per cent, while the financials subindex lost 0.7 per cent.

The Taiwan dollar softened NT$0.1 to NT$31.430 per US dollar.

REUTERS