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Taiwan: Stocks fall tracking overseas markets

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[TAIPEI] Taiwan stocks fell on Wednesday, giving up gains from the previous session as they tracked losses in overseas markets amid uncertainty over the island's economic outlook, traders said.

As of 0148 GMT, the main TAIEX index was down 0.5 per cent at 8,096.32, hovering just above the key 8,000 level, after closing up 0.9 per cent at 8,140.48 in the previous session.

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

Among actively traded shares, contract chipmaker TSMC and electronics manufacturer Hon Hai Precision , both top Apple Inc suppliers, were off one per cent and 0.4 per cent, respectively.

Tsai Ing-wen, Taiwan's president-elect who won a landslide victory in the January elections, will be sworn-in on Friday amid concerns Taiwan's economic ties with China, its biggest trading partner, would deteriorate under her independence-leaning ruling party.

Her inauguration speech is being widely watched as China continues to pressure the new government to stick to Beijing's principle that Taiwan is a part of China.

The Taiwan dollar softened T$0.05 to T$32.680 per US dollar.

REUTERS