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Taiwan: Stocks extend losses, weak export data drags tech shares

taiwan stocksphotoAFP.jpg

[TAIPEI] Taiwan stocks fell on Tuesday, extending a two-week losing streak, as poor April export data weighed on technology exporters such as Taiwan Semiconductor Manufacturing Co (TSMC).

As of 0127 GMT, the main TAIEX index was down 0.6 per cent at 8,086.39. It closed at 8,131.83 in the prior session, its lowest since mid-February.

Shares of TSMC, the world's top contract chipmaker, dipped 0.3 per cent while those of smartphone and PC maker Asustek Computer fell 2 per cent.

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

Taiwan's exports fell for the 15th straight month in April, denting hopes of a recovery in the island's economy and cementing expectations of further central bank interest rate cuts in coming months.

The Taiwan dollar softened T$0.089 to T$32.506 per US dollar.

REUTERS