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7 months ago
Taiwan stocks drop; TSMC falls on profit-taking, lower sales guidance
January 13, 2017 / 4:06 AM / 7 months ago

Taiwan stocks drop; TSMC falls on profit-taking, lower sales guidance

TAIPEI, Jan 13 (Reuters) - Taiwan stocks fell on Friday on
profit-taking after the world's largest contract chipmaker TSMC
 reported a record fourth-quarter profit but forecast
slower business for its first quarter. 
    Asian shares wobbling also kept overall trading cautious.
 
    As of 0330 GMT, the main TAIEX index was down 0.4
percent at 9,371.82, after closing up 0.7 percent in the
previous session.
    The electronics subindex fell as much as 0.6
percent, while the financials subindex lost up to 0.7
percent. 
    Shares in TSMC dropped as much as 2.2 percent, after the
company expected its first-quarter revenue to likely dive at
least 8.7 percent from the fourth quarter. The stock had closed
up 1.4 percent in the previous session, just before the earnings
results were reported.
    After a record fourth quarter for net profit and revenue,
normal seasonal lull from smartphone customers were mainly
behind the lower forecasts, TSMC said. 
    The Taiwan dollar firmed T$0.179 to T$31.601 per
U.S. dollar. The local currency was trading at its strongest
levels against the U.S. dollar in two months.      

 (Reporting by J.R. Wu; Editing by Sherry Jacob-Phillips)

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