Taiwan: Stocks fall, financials down on yield concerns
[TAIPEI] Taiwan stocks were slightly down on Friday, bucking the trend in Asian shares due to selling in financial shares.
Trading was cautious as some analysts said the recent rise in bond yields abroad could erode overseas investments by domestic financial institutions.
The main TAIEX index was lower 0.3 per cent at 9,581.79 as of 0219 GMT, after closing down 1.2 per cent on Thursday.
Earlier this week, the Taiwan government sold 30-year government bonds at a yield of 2.438 per cent, above a Reuters poll for a yield of between 2.35 per cent and 2.39 per cent, due in part to higher overseas fixed income yields.
The financial subindex was down 0.5 per cent, while the electronics subindex was lower 0.1 per cent.
CTBC Financial dropped 0.2 per cent, while China Development Financial fell 1.7 per cent.
The Taiwan dollar was up T$0.164 at T$30.517 to the U.S. dollar.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data
Hong Kong spot crypto ETFs to start trading next week
Greenback recovers from PMI slump, yen closes in on 155 per dollar
Hong Kong Stock Exchange bids farewell to first woman chair
Asia stocks rise on Wednesday amid Wall Street rally; STI up 0.6%