Taiwan: Stocks fall; HTC tumbles on poor outlook

[TAIPEI] Taiwan stocks dropped 0.58 per cent on Monday, dragged by struggling smartphone brand HTC Corp, which plummeted on poor quarterly outlook.

As of 0140 GMT, the main TAIEX index was down 53.91 points at 9283.46, after closing flat on Friday.

The electronics subindex was down 0.84 percent. HTC tumbled 9.91 per cent, in the first trading session after it announced a 49 percent on-year fall in May sales and lowered its second-quarter revenue guidance.

HTC's fall dragged down most major tech stocks. However, shares in crystal components maker and Apple Inc supplier TXC Corp rose 5 per cent.

Computers and peripheral equipment dropped 1.14 per cent, while electrical components suffered a 1.23 per cent decline.

The Taiwan dollar was up T$0.037 to stand at T$30.986 to the US dollar.

REUTERS