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

TPK Holding Co

22/03/2017 01:56

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.  .N   urn:newsml:reuters.com:*:nL3N1GY5QR 
    As of 0144 GMT, the main TAIEX index  .TWII  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  .TELI  fell as much as 1.3 percent, while the 
financials subindex  .TFNI  slid up to 1.2 percent.  
    Among the biggest decliners, Taiwan Semiconductor Manufacturing Co (TSMC) 
 2330.TW , the world's biggest contract chipmaker, slipped as much as 1.8 
percent. Cathay Financial Holding  2882.TW , parent company of Taiwan's biggest 
life insurer, dropped up to 2.5 percent.  
    Bucking the trend, TPK Holding Co Ltd  3673.TW  surged as much as 8.8 
percent, on news that Shenzhen O-Film Tech  002456.SZ  plans to invest a stake 
in the Taiwanese touch panel maker.  urn:newsml:reuters.com:*:nL3N1GY367  
    The Taiwan dollar  TWD=TP  softened T$0.054 to T$30.512 per U.S. dollar.     
 
 (Reporting by Faith Hung; Editing by Sherry Jacob-Phillips) 
 ((faith.hung@thomsonreuters.com; 8862 2500 4893; Reuters Messaging: 
faith.hung.thomsonreuters.com@thomsonreuters.net)) 
 
Keywords: TAIWAN STOCKS/