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Taiwan: Stocks slightly down; Taiwan dollar hovers near 29-month low

Wednesday, March 29, 2017 - 10:27

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[TAIPEI] Taiwan stocks were down on Wednesday, erasing early gains as the Taiwan dollar hovered near its strongest level in over two years.

Asian shares were mixed later in the morning while the US dollar and commodities rallied as investors shook off disappointment about US President Donald Trump's failed healthcare bill and focused instead on a positive outlook for global growth.

As of 0208 GMT, the main Taiex index was down 0.1 per cent at 9,866.90, after closing flat on Tuesday.

The electronics subindex slipped as much as 0.4 per cent, the semiconductor index fell up to 0.94 per cent, while the financial subindex climbed as much as 0.35 per cent.

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Among actively traded shares, the semiconductor assembly, packaging, and testing company Powertech Tech slid up to 0.6 per cent.

The Taiwan dollar softened a touch NT$0.015 to stand at NT$30.185 to the US dollar, slightly above the 29-month low of NT$30.115 hit in the previous session.

Analysts say the breach of the NT$30.000 psych level may open floodgates to momentum sellers.

REUTERS

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