Taiwan stocks flat

Taiwan stocks closed flat on Monday as investors shunned technology heavyweights such as Taiwan Semiconductor Manufacturing Co (TSMC) ahead of a slew of quarterly earnings results due this week.
But a strong local currency fuelled buying in financial and asset-related shares, lending support to the market, which last week rose to its highest level in 5-1/2 years.
The main TAIEX share index had risen as much as 0.68 percent before profit-taking kicked in.
The index closed up 0.04 percent at 7,096.04, with turnover of T$117.88 billion ($3.67 billion).
"It just took a breather. We don't think the bull run has ended," said Daniel Tseng, a manager at Fubon Securities.
"Foreign investors are still buyers and the outlook for corporate fundamentals looks okay," he said.
Shares in TSMC, the world's top contract chip maker, fell 1.59 percent, pulling the tech sub-index 0.49 percent lower. TSMC is due to report first-quarter results on Thursday.
"Funds were flowing to companies that have large assets, including banks and hotels," said Kevin Lin, a fund manager at Shinkong Investment Trust.
Financials, second only to techs in Taiwan's weighting, rose 0.69 percent and the tourism sector surged 6.93 percent on hopes that warming ties with China will boost mainland travel to the island.
Shin Kong Financial Holding, Taiwan's eighth-largest financial holding company by assets, was the market's second most actively traded share by volume.
The stock jumped 5.23 percent after posting a more than doubling in first-quarter profits.
Shares in companies with large assets rose after the Taiwan dollar strengthened to a 2-1/2-month high early on Monday, tracking gains in other Asian currencies. Shares in Shihlin Electric and Engineering Corp and Formosa Hotel surged the daily 7 percent limit.
Chi Mei Optoelectronics Corp, Taiwan's second-largest LCD maker, recouped early losses to end up 0.11 percent ahead of its quarterly earnings, due on Tuesday.
Adding to the rise was a local report that said Chi Mei planned to build a new plant using advanced technology in southern Taiwan.
But larger local rival AU Optronics Corp fell 0.55 percent.
BenQ Corp was another bright spot, rising 0.18 percent. The island's top mobile phone maker is set to announce its quarterly earnings results later in the afternoon.