Taiwan: Stocks fall as TSMC earnings below forecast; Apple supplier Largan soars
[TAIPEI] Taiwan stocks fell on Friday, weighed by Taiwan Semiconductor Manufacturing Co (TSMC) after it reported less-than-expected earnings for the first quarter.
As of 0211 GMT, the main TAIEX index fell 0.65 per cent to 9,771.26 points, after closing at 9,836.68 points in the previous session.
TSMC, the world's top contract chip maker and a major supplier of Apple Inc, was off 1.6 per cent.
The electronics subindex sank 0.5 per cent, while the financials subindex lost 0.6 per cent.
A bright spot, however, was Largan Precision, maker of camera phone lenses for Apple and other clients, with shares surging nearly 9 per cent.
Largan's first-quarter gross margin beat market expectations and the company gave a bullish outlook for April and May, local media reported on Friday.
The Taiwan dollar softened NT$0.105 to NT$30.430 per US dollar.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Yen surges against US dollar on suspected intervention
Singapore stocks start week in the black ahead of Fed meeting; STI up 0.1%
Sembcorp announces long-term power purchase agreements with Equinix
Asia: Shares rise as Fed looms large; yen crumbles below key level
Singapore stocks decline at Monday’s open; STI down 0.3%
Stocks to watch: Singtel, Keppel, Great Eastern, Seatrium, Best World