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Taiwan stocks track Wall Street lower; TPK surges on Shenzhen O-Film deal
March 22, 2017 / 1:56 AM / 8 months ago

Taiwan stocks track Wall Street lower; TPK surges on Shenzhen O-Film deal

TAIPEI, March 22 (Reuters) - Taiwan stocks on Wednesday retreated from a near two-year high hit in the previous session, tracking a sharp pullback on Wall Street, with techs and financials dragging the index down.

Wall Street fell sharply on Tuesday as investors were worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote.

As of 0144 GMT, the main TAIEX index was down 1.3 percent at 9,843.07, after closing up at 9,972.49 in the previous session. The broader market has climbed around 6 percent so far this year.

The electronics subindex fell as much as 1.3 percent, while the financials subindex slid up to 1.2 percent.

Among the biggest decliners, Taiwan Semiconductor Manufacturing Co (TSMC) , the world’s biggest contract chipmaker, slipped as much as 1.8 percent. Cathay Financial Holding, parent company of Taiwan’s biggest life insurer, dropped up to 2.5 percent.

Bucking the trend, TPK Holding Co Ltd surged as much as 8.8 percent, on news that Shenzhen O-Film Tech plans to invest a stake in the Taiwanese touch panel maker.

The Taiwan dollar softened T$0.054 to T$30.512 per U.S. dollar. (Reporting by Faith Hung; Editing by Sherry Jacob-Phillips)

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