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Taiwan: Stocks fall on overseas concerns; Apple suppliers down

Thursday, May 18, 2017 - 11:57

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[TAIPEI] Taiwan stocks fell on Thursday following losses in overseas markets on concerns over what the turmoil in the White House could mean for the US presidency.

Uncertainty is mounting over US President Donald Trump's future following reports that he tried to interfere with a federal investigation in the United States.

Some Apple Inc suppliers were also hit after Qualcomm Inc filed a lawsuit against them as the legal battle between the US chipmaker and the iPhone maker intensifies.

As of 0328 GMT, the main Taiex index fell 0.6 per cent to 9,957.14, after closing down 0.2 per cent in the previous session.

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The electronics subindex sank 0.5 per cent, while the financials subindex lost 0.9 per cent.

Qualcomm's suit was against Foxconn, formally known as Hon Hai Precision, Pegatron Corp, Wistron Corp and Compal Electronics Inc.

Qualcomm said in its complaint that Apple had advised the contract manufacturers to withhold royalty payments and agreed to indemnify them against any damages resulting from the breach of their agreements with Qualcomm.

All four Taiwanese suppliers opened down in early trade, but Compal reversed its loss to trade 1.7 per cent higher near midday.

Hon Hai was off 1.5 per cent, Pegatron was down 1.9 per cent and Wistron was 0.2 per cent lower.

The Taiwan dollar softened NT$0.08 to NT$30.220 per US dollar.

REUTERS

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