Taiwan: Stocks retreat from key 10,000 level

[TAIPEI] Taiwan stocks crossed the key 10,000 level for a third time this week before reversing course to trade marginally lower, with the semiconductor sector leading the decline.

The main Taiex index was down 0.13 per cent at 9,988.41 as of 0308 GMT on Friday, after rising as high as 10,008.25 earlier in the session.

It touched the 10,000 intraday level for the first time in two years on Tuesday, before settling at that level on Thursday which was the first time in 17 years.

The semiconductor subindex was down 0.68 per cent on Friday, while the electronics subindex was 0.21 per cent lower.

The financial subindex slid 0.18 per cent.

Among actively traded stocks, Hon Hai Precision Industry Co was down 0.48 per cent after reporting its first-quarter earnings late on Thursday.

Hon Hai Precision Industry Co, also known as Foxconn, and a major Apple Inc supplier, said its net income rose 2.14 per cent on year, but fell 59.04 per cent on quarter. Net profit came in at NT$28.2 billion.

The Taiwan dollar firmed NT$0.022 to stand at NT$30.193 to the US dollar.

REUTERS