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Taiwan: Stocks drop; TSMC falls on profit-taking, lower sales guidance

Friday, January 13, 2017 - 13:00

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[TAIPEI] Taiwan stocks fell on Friday on profit-taking after the world's largest contract chipmaker TSMC reported a record fourth-quarter profit but forecast slower business for its first quarter.

Asian shares wobbling also kept overall trading cautious.

As of 0330 GMT, the main TAIEX index was down 0.4 per cent at 9,371.82, after closing up 0.7 per cent in the previous session.

The electronics subindex fell as much as 0.6 per cent, while the financials subindex lost up to 0.7 per cent.

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Market voices on:

Shares in TSMC dropped as much as 2.2 per cent, after the company expected its first-quarter revenue to likely dive at least 8.7 per cent from the fourth quarter. The stock had closed up 1.4 per cent in the previous session, just before the earnings results were reported.

After a record fourth quarter for net profit and revenue, normal seasonal lull from smartphone customers were mainly behind the lower forecasts, TSMC said.

The Taiwan dollar firmed NT$0.179 to NT$31.601 per US dollar. The local currency was trading at its strongest levels against the US dollar in two months.

REUTERS

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