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Taiwan: Stocks down; strong Dec exports data caps losses
[TAIPEI] Taiwan stocks fell on Tuesday as traders exercised caution tracking shaky overseas markets, but losses were short-lived on buying after data showed December exports at a four-year high.
As of 0210 GMT, the main Taiex index was down 0.1 per cent at 9,335.79, after closing down 0.3 per cent in the previous session.
The electronics subindex climbed as much as 0.3 per cent, while the financials subindex dropped up to 0.6 per cent.
Government issued data on Monday that showed Taiwan's exports in December had bounced to their highest in four years, fuelling hopes that global demand for technology goods will keep the island's exports strong through the first quarter even as 2016 shipments contracted for the second year with worries about rising global trade protectionism ahead.
After the market closes, TSMC is scheduled to report its December sales. The world's largest contract chipmaker in October had raised its guidance for 2016 revenue to grow between 11 per cent and 12 per cent, from a previous estimate of 5 -10 per cent.
TSMC shares gained as much as 0.8 per cent.
The Taiwan dollar firmed NT$0.042 to NT$32.064 per US dollar.