Taiwan: Stocks fall, banks down after central bank rate cut

[TAIWAN] Taiwan stocks fell on Monday, weighed by declines in banks on concerns that their earnings would be squeezed following the central bank's move last week to cut interest rates.

The main TAIEX index was down 0.2 per cent at 8,691.39 points as of 0135 GMT, after closing at 8,704.97 on Friday.

The electronics subindex dropped 0.2 per cent, while the financials subindex lost 0.4 per cent.

The Taiwan dollar firmed T$0.057 to T$32.709 per US dollar.

Taiwan's central bank cut rates for the third time in a row last Thursday to prop up the faltering economy, but said it expects growth to gradually pick up quarter by quarter.

REUTERS