April 5, 2012 / 5:42 AM / 5 years ago

Taiwan stocks at over 2-mth closing low on tax woes

TAIPEI, April 5 (Reuters) - Taiwan stocks fell 1.56 percent
to a more than two-month closing low on Thursday as concern over
government discussions on a possible tax on stock profits
compounded worries over the global economy that sent other
regional bourses lower.   	
    The main TAIEX index shed 121.03 points to	
7,639.82, marking its lowest close since early February and
extending its slump to 5 percent in five sessions. At one point
in Thursday's session it was down 3 percent.	
    The finance ministry will hold meetings Thursday and Friday 
 	
of its tax reform team to discuss whether to levy a capital   	
gains tax.    	
    Among the worst hit, automobiles and banks 
both were down over 2 percent. Electronics sank 1.06
percent.	
    A couple of bright spots were flat panel makers Chimei
Innolux and AU Optronics, rising 2.2 percent
and 4.7 percent, respectively. 	
    Chimei, the world's No.3 LCD panel maker, will formally sign
on Thursday an agreement with banks extending loan repayments, a
source with direct knowledge of the matter said, offering some
breathing space to the loss-making company as it struggles with
weak demand and falling prices for LCD panels. 	
    AU will start mass production of panels using AMOLED
technology for Sony in the second quarter, local media
reported.  	
    The Taiwan dollar weakened by T$0.012 to trade at 	
T$29.492.  	
    Foreign investors were net buyers on Tuesday, bringing their	
total buying to T$3.5 billion this month.  The
market was closed for a public holiday on Wednesday.  	
    	
    ASIA-PACIFIC STOCK MARKET REPORTS: 	
Pan-Asia......  Japan........  S.Korea.... 	
S.E. Asia............  Hong Kong...  China...... 	
Australia/NZ.........  India.......  	
    OTHER MARKETS:	
Wall Street........... Gold......... Currency.. 
Eurostocks........... Oil........... JP bonds... 
ADR Report.......... LME metals.. US bonds... 
Stocks News US... Stocks News Europe... 	
    DIARIES:    	
U.S. earnings diary  Wall Street Week Ahead   
Global Week Ahead      World forecasts   
Asia Macro data      
    TOP NEWS:	
Asian company news      U.S. company news    
European company news  Forex news           
Global economy news  Technology, media    
Financial services     Political risk         
A multimedia version of Reuters Top News is available at:	
topnews.session.rservices.com         	
    LIVE PRICES & DATA:	
World Stocks        Currency rates      	
Dow Jones/NASDAQ    Nikkei                	
FTSE 100                  Debt      	
Taiwan dollar              LME price overview    	
    TAIWAN EQUITY MARKET:	
Taiwan equity market  
TAIEX    	
Other indices  
TAISDAQ  	
TAIMEX Taiwan index futures <0#TX:> 	
MSCI Taiwan index   	
SIMEX Taiwan index futures <0#STW:>	
FTSE TW50 index 	
	
 (Reporting by Faith Hung)

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