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Taiwan: Stocks down on technical selling, Apple suppliers weak

Wednesday, October 26, 2016 - 11:20

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[TAIPEI] Taiwan stocks fell on Wednesday as technical selling near the key 9,400 level drove trading after shares in benchmark Taiwanese technology suppliers reacted weakly to Apple Inc's earnings.

As of 0245 GMT, the main Taiex index was down 0.2 per cent at 9,365.82 points, with soft overseas markets also underpinning early selling.

On Tuesday, the index ended up 0.7 per cent at 9,385.65 points, its highest close since late June 2015.

The electronics subindex sank 0.3 per cent, while the financials subindex lost 0.2 per cent.

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Market voices on:

Apple on Tuesday slightly missed on fiscal fourth-quarter revenue. Additionally, a projection of gross profit margins a touch behind analyst targets reflected broader concerns that Apple may have lost its tech superiority, even with the refreshed iPhone 7.

Shares in Hon Hai Precision, a major assembler for the new smartphones, was up 0.1 per cent after trading down earlier, while those of TSMC, which supplies chips for the iPhone 7 models, were down around one per cent.

The Taiwan dollar firmed NT$0.054 to NT$31.562 per US dollar.

REUTERS

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