Taiwan stocks fall on gloomy exports data, weak regional markets

By: | Published: July 8, 2015 9:05 AM

Taiwan stocks tumbled on Wednesday after a dismal exports data and declines in other Asian bourses soured sentiment.

Taiwan stocks tumbled on Wednesday after a dismal exports data and declines in other Asian bourses soured sentiment.

As of 0139 GMT, the main TAIEX index fell 1.9 percent, to 9,071.80 points, after closing flat in the previous session. Markets in Shanghai and Hong Kong both plummeted, falling 6.11 and 4.42 percent, respectively.

On Tuesday, data showed Taiwan’s exports fell 13.9 percent in June, much worse than expectations, threatening to erode the outlook for island’s economy and the all-important tech sector.

The electronics subindex was down 2.1 percent, with semiconductors slipping 1.6 percent. The financials subindex lost 1.4 percent.

Flat panels also skidded 3.4 percent, while oil, gas and electric companies slumped 3.67 percent.

The Taiwan dollar firmed T$0.146 to T$31.016 per U.S. dollar.

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