Taiwan: Stocks lower tracking overseas markets, transport shares buck trend

[TAIPEI] Taiwan stocks were lower on Monday, weighed by weakness in regional markets, although transport shares rose slightly on falling oil prices.

As of 0200 GMT, the main TAIEX index was down 0.5 per cent at 8,660.78, after closing up 0.4 per cent on Friday.

The electronics subindex and the financial subindex were both down 0.4 per cent.

Shares of CTBC Financial Holding Co bucked the trend slightly and were up just 0.3 per cent after the company said on Friday it planned to buy the Malaysian unit of Royal Bank of Scotland for US$189.7 million.

The tumble in crude futures lifted Taiwan's transport subindex 0.3 per cent.

EVA Airways Corp shares were up 0.3 per cent.

Shares in state-backed defence manufacturer Aerospace Industrial Development Corp rose 6 per cent after its former chairman, Feng Shih-kuan, was named incoming defence minister on Friday, raising hopes the new government is moving towards its aim of building an indigenous defence industry.

The Taiwan dollar softened TW$0.041 to stand at TW$32.389 to the US dollar.

REUTERS