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Taiwan: Stocks track Wall Street lower; TPK surges on Shenzhen O-Film deal

Wednesday, March 22, 2017 - 10:17

[TAIPEI] Taiwan stocks on Wednesday retreated from a near two-year high hit in the previous session, tracking a sharp pullback on Wall Street, with techs and financials dragging the index down.

Wall Street fell sharply on Tuesday as investors were worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote.

As of 0144 GMT, the main Taiex index was down 1.3 per cent at 9,843.07, after closing up at 9,972.49 in the previous session. The broader market has climbed around 6 percent so far this year.

The electronics subindex fell as much as 1.3 per cent, while the financials subindex slid up to 1.2 per cent.

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Among the biggest decliners, Taiwan Semiconductor Manufacturing Co (TSMC) , the world's biggest contract chipmaker, slipped as much as 1.8 per cent. Cathay Financial Holding, parent company of Taiwan's biggest life insurer, dropped up to 2.5 per cent.

Bucking the trend, TPK Holding Co Ltd surged as much as 8.8 per cent, on news that Shenzhen O-Film Tech plans to invest a stake in the Taiwanese touch panel maker.

The Taiwan dollar softened NT$0.054 to NT$30.512 per US dollar.

REUTERS

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