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Taiwan: Stocks fall; tech, shipping counters help limit losses

Friday, September 2, 2016 - 10:58
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[TAIPEI] Taiwan stocks fell on Friday in keeping with nervousness in some overseas markets, but losses were limited as key technology and shipping stocks rose.

Some Asian shares were weak on uncertainty over the potential for a strong US nonfarm payrolls number later in day - and with it an elevated chance of a Federal Reserve rate hike soon.

As of 0230 GMT, the main Taiex index fell 0.5 per cent to 8,960.75, after closing down 0.8 per cent in the previous session.

The electronics subindex sank 0.8 per cent, while the financials subindex lost 0.2 per cent.

But some share gains were coming on back of troubles at rival companies that could bolster business for the Taiwanese listed firms.

Shares in Hon Hai Precision were up 1.5 per cent. Hon Hai is a major assembler for Apple Inc's popular iPhones, and the latest version of iPhones are expected to launch later this month and compete with smartphones by rival Samsung Electronics Co.

The South Korean tech giant is considering a recall of its Galaxy Note 7 devices amid reports that some of the premium phones are catching fire due to battery problems, a person familiar with the matter told Reuters on Friday.

Shares in container shipping firm Evergreen Marine rose 5.3 per cent. Its South Korean rival Hanjin Shipping Co was suspended from its membership in a major shipping alliance on Friday with some of its ships seized at Chinese ports or unable to dock at other ports after filing for court receivership earlier this week.

The Taiwan dollar firmed NT$0.023 to NT$31.713 per US dollar.

REUTERS