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Taiwan: Stocks ease off 1-year high ahead of export orders

taiwan stocksphotoAFP.jpg

[TAIPEI] Taiwan stocks fell on Tuesday, easing away from near one-year highs hit the previous session, ahead of export orders that will likely show persistent weakness in global technology demand.

The island's June export orders are due on Wednesday and are forecast to decline for the 15th month in a row, adding to an already weak growth outlook for the trade-reliant economy.

Economists in a Reuters poll have forecast June orders will drop 4.75 per cent from a year earlier, a slightly slower pace than in May, when orders fell 5.8 per cent.

As of 0344 GMT, the main TAIEX index fell 0.1 per cent, to 9,002.82 points, after closing up 0.7 per cent on Monday, its sixth straight session of gain. Technical buying was keeping the index above the key 9,000 level, traders said.

The electronics subindex stayed flat, while the financials subindex gained 0.2 per cent.

The Taiwan dollar firmed NT$0.02 to NT$32.004 per US dollar.