Taiwan stocks fall on weak tech sector; USI, Ho Tung Chemical rise

Ho Tung Chemical

03/01/2014 02:34

TAIPEI, Jan 3 (Reuters) - Taiwan stocks were down 0.6 percent at midday Friday, largely tracking other regional and global bourses, with tech counters falling following a slide in shares of Apple Inc  AAPL.O .  As of 0200 GMT, the main TAIEX index  .TWII  had shed 54.69 points to 8557.85, after closing flat on Thursday. Electronics  .TELI  and semiconductors  .TSII  dropped 0.79 and 1.33 percent, respectively. Wells Fargo downgraded the stock of consumer electronics powerhouse Apple Inc  AAPL.O   ID:nWNBB03BH2 . Taiwan is a major supplier and manufacturer of Apple products. The construction sector  .TCOI  was down 0.8 percent and banks and insurance companies  .TFNI  also dropped 0.83 percent. Taiwan's Finance Minister Chang Sheng-ford said Thursday he believes Taiwan's housing market is overinflated. But USI Corp  1304.TW  and Ho Tung Chemical Corp  1714.TW  rose 4 percent and 1.5 percent, respectively. They were among a group of local companies seeking approval from the Investment Commission for a joint venture with China's Sinopec Group 600028.SS  to build a petrochemical complex on the mainland, a local newspaper reported on Friday.  ID:nL3N0KD05F  The Taiwan dollar  TWD=TP  was up T$0.004 to stand at T$29.975 to the U.S. dollar. (Reporting by Michael Gold; Editing by Richard Borsuk) ((michael.gold@thomsonreuters.com)(+886225004899)(Reuters Messaging: michael.gold.thomsonreuters.com@reuters.net)) Keywords: MARKETS TAIWAN STOCKS/