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Taiwan: Stocks flat ahead of TSMC earnings; caution tracking overseas markets

Wednesday, January 11, 2017 - 11:46

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[TAIPEI] Taiwan stocks stayed mostly flat on Wednesday as profit-taking outpaced buying with investors bidding their time ahead of earnings results from Taiwan Semiconductor Manufacturing Co later this week.

The world's largest contract chipmaker on Tuesday posted 2016 revenue slightly ahead of its own guidance.

Caution also prevailed, in line with overseas markets, ahead of President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies.

As of 0249 GMT, the main Taiex index was unchanged at 9,352.14 points, after closing up 0.1 per cent in the previous session.

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The electronics subindex dropped as much as 0.1 per cent, while the financials subindex was unchanged.

TSMC pared early gains to drop as much as 0.8 per cent, after it reported 2016 sales rose 12.4 per cent, at the top-end of its guidance for an 11 per cent -12 per cent gain.

The company will issue its fourth-quarter net profit results on Thursday and provide its first estimates for its 2017 business outlook.

The Taiwan dollar softened NT$0.013 to NT$31.961 per US dollar.

REUTERS

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