Taiwan: Stocks down on profit taking, gloomy trade data

[TAIPEI] Taiwan stocks fell on Tuesday, after gaining for seven days in a row, hurt by profit taking and weak export data for Taiwan and China.

The main TAIEX index was down 0.6 per cent at 8,604.21 points as of 0309 GMT. The index closed up 0.2 per cent on Monday at its highest closing level in four months.

China's exports tumbled 25.4 per cent in February in their biggest drop since May 2009, according to data released early Tuesday, a day after data showed Taiwan's February exports fell for the 13th month in a row.

The latest trade data reinforces weak global demand, indicating recovery for Asia's exporters is some way off and increasing pressure on the island's central bank to cut interest rates again.

The electronics subindex dropped 0.7 per cent, while the financials subindex lost 0.8 per cent.

The Taiwan dollar firmed TW$0.21 to TW$32.800 per US dollar.

REUTERS