Taiwan: Stocks fall; plastics, construction lead declines

[TAIPEI] Taiwan stocks dropped 0.24 per cent on Monday, led by plastics and construction, in the first trading session after the government cut its economic growth forecast for the year.

As of 0130 GMT, the main TAIEX index fell 21.64 points to 9,616.64, lagging other regional bourses, after closing up 0.63 per cent on Friday.

Construction and plastics were among the main laggards, dropping 1.38 and 1.63 per cent, respectively, with major chemicals conglomerate Formosa Plastics Corp slipping 1.55 per cent.

One bright spot was transportation, up 2.57 per cent on strength in major carriers Eva Airways Corp and China Airlines Ltd, which gained 6.87 and 6.71 per cent, respectively.

On Friday, the government reduced Taiwan's 2015 growth target to 3.28 per cent from 3.78 per cent, amid export weakness.

The Taiwan dollar was up T$0.041 to stand at T$30.5 to the U.S. dollar.

REUTERS