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Taiwan: Stocks down on profit taking, brace for export orders
[TAIPEI] Taiwan stocks fell on Wednesday as losses in overseas markets prompted local investors to take profits on recent gains.
The main Taiex index was down 0.5 per cent to 8,991.03 points as of 0356 GMT, after closing at a fresh one-year high in the previous session and rising for the seventh session in a row.
The gains have been supported by foreign investors.
But export orders due after the market close could prompt a further share retreat if weak demand persists.
Orders for Taiwan’s exports in June probably contracted for the 15th straight month, as sluggish global demand continued to hit the island’s technology products, a Reuters poll showed.
The electronics subindex sank 0.6 per cent, while the financials subindex lost 0.8 per cent.
The Taiwan dollar softened NT$0.015 to NT$32.006 per US dollar.