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Taiwan: Stocks weak on mixed trading in tech shares, rangebound

Monday, April 24, 2017 - 11:20

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[TAIPEI] Taiwan stocks fell on Monday on mixed trading in heavyweight technology shares, giving the index more time to consolidate in its recent range.

The main Taiex index fell 0.3 per cent to 9,692.95 as of 0238 GMT, after opening higher. On Friday it closed up 0.9 per cent. The index has traded above 9,600 since early February but remained just shy of 9,980.

The electronics subindex sank 0.3 per cent, while the financials subindex lost 0.1 per cent.

Big-capped chipmaker Taiwan Semiconductor Manufacturing Co was off 0.5 per cent, dragging down overall sentiment, but gains in other technology stocks were limiting the losses after the island's export orders in March recorded their eighth consecutive month of gain.

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Last month's orders also rose faster than expected, boding well for Taiwan's trade-driven economy and revenue for many companies in the global electronics supply chain.

Among the gainers, big-capped electronics maker Hon Hai was up 0.1 per cent, and rival Pegatron was 0.2 per cent higher.

However, display makers Innolux and AU Optronics were both down around 2 per cent.

The Taiwan dollar firmed NT$0.063 to NT$30.300 per US dollar.

REUTERS

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