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Taiwan: Stocks down on profit-taking; technology stocks drag

Friday, October 14, 2016 - 11:10

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[TAIPEI] Taiwan shares fell on Friday, dragged down by technology stocks including Taiwan Semiconductor Manufacturing Co Ltd (TSMC), as investors booked profits after the chipmaker reported earnings.

As of 0232 GMT, the main Taiex index fell 0.4 per cent to 9,183.38 points, after closing down 0.4 per cent in the previous session.

TSMC shares were off 0.3 per cent mainly on profit-taking as the shares had risen about 30 per cent since May.

The world's largest contract chipmaker, which supplies chips used in Apple Inc's iPhone 7, raised its revenue forecast for this year after reporting quarterly records in net profit and revenue for the third quarter.

The electronics subindex sank 0.5 per cent, while the financials subindex lost 0.1 per cent.

The Taiwan dollar firmed NT$0.08 to NT$31.680 per US dollar.

REUTERS

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