Taiwan: Stocks fall ahead of Fed decision; financials down

[TAIPEI] Taiwan stocks fell on Wednesday as investors awaited the Federal Reserve's commentary that may deliver clues on its outlook for US interest rate hikes next year.

The Fed is widely expected to hike interest rates for the first time in 2016 after its two-day meeting, but the market is focused on how the central bank steers monetary policy in the wake of Donald Trump's election win last month.

The main TAIEX index fell 0.1 per cent to 9,371.98 points as of 0448 GMT, after closing at 9,382.14 in the previous session.

The electronics subindex rose 0.2 per cent, while the financials subindex lost 1.1 per cent.

Cathay, the parent company of Taiwan's biggest life insurer, shed nearly 2 per cent.

The Taiwan dollar firmed NT$0.062 to NT$31.760 per US dollar.

REUTERS