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Taiwan: Stocks head for third session of falls on Fed rate hike

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[TAIPEI] Taiwan stocks fell for a third straight session on Friday led by declines in technology heavyweights and as investors remained cautious after Federal Reserve increased US interest rates and signalled a faster pace of hikes next year.

As of 0221 GMT, the main TAIEX index was down 0.1 per cent at 9,348.66 points, after closing lower at 9,360.35 in the previous session.

The electronics subindex slipped as much as 0.3 per cent, while the financials subindex gained up to 0.6 per cent.

Taiwan Semiconductor Manufacturing Co (TSMC), the world's top contract chip maker, dipped as much as 1 per cent.

Cathay Financial Holding, parent company of Taiwan's biggest life insurer, climbed as much as 1.4 per cent.

The Taiwan dollar firmed NT$0.011 to NT$31.912 per US dollar.

REUTERS

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