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