Taiwan: Stocks give up early gains on profit-taking

[TAIPEI] Taiwan stocks hit a near two-year high on Monday before reversing gains as investors locked in profits, while overall sentiment remained cautious.

As of 0400 GMT, the main Taiex index was down 0.4 per cent at 9,869.35. Earlier in the session, it rose as high as 9,916.18, its highest since April 29, 2015.

The broader market has jumped 7 per cent so far this year to its highest in nearly two years on Monday, prompted by foreign buying amid expectations that Apple Inc's upcoming iPhone model would benefit its Taiwanese suppliers such as Taiwan Semiconductor Manufacturing Co.

TSMC, the world's top contract chipmaker, slid as much as 1.04 per cent.

The electronics subindex climbed as much as 0.1 per cent, while the financials subindex was unchanged.

Cathay Financial Holding, the parent company of Taiwan's biggest life insurer, was unchanged. The company officials are set to meet investors later in the day to review quarterly earnings result.

The Taiwan dollar firmed NT$0.121 to NT$30.505 per US dollar. Earlier in the day, it had reached NT$30.50, its highest intraday level in about 22 months.

REUTERS