Taiwan: Stocks edge down tracking Asia

[TAIPEI] Taiwan stocks edged down, in line with Asia, as financials and basic materials fell and as investors weighed the increasing likelihood of a US interest rate hike next week for the second time in three months.

The main Taiex index fell 0.2 per cent to 9,715.88 points as of 0136 GMT, after closing up 0.6 per cent on Tuesday.

The electronics subindex was largely flat, while the financial subindex fell 0.1 per cent.

Silicon-wafer manufacturer Formosa Sumco Technology Corp fell 6.5 per cent, while audio component-maker Hanpin Electron Co Ltd declined 4.9 per cent.

The US Federal Reserve will hold a policy meeting on March 14-15, and markets have rapidly boosted bets of a rate hike at the meeting. Investors have also turned increasingly cautious on the outlook for pricey stock markets.

Meanwhile, the Taiwan dollar softened to NT$30.885 against the US dollar, compared with the last close of NT$30.850.

REUTERS