Taiwan stocks edge down

Taiwan stocks edged down 0.03 percent on Friday, with weak US jobs data sending TSMC and other export-reliant technology shares lower, but gains in financial shares helped contain the decline. The main TAIEX share index closed 2.13 points lower at 6,665.40, reversing a three-day rising streak.
Turnover was thinner at T$113 billion ($3.4 billion) compared with Tuesday's T$138 billion, with investors sidelined following a rally over the past few sessions. Financial shares gained, even after a report said the chairman of the China Banking Regulatory Commission aimed to sign an FTA-like Economic Co-operation Framework Agreement before sealing a deal on a wide-reaching financial agreement.
"The rumours could either hurt or help the financial shares, though temporarily. I think it's more important to pay attention to the details in the agreement so that we know what will do us good and what don't," said Karen Lin, an analyst at Paradigm Asset Management. Chinatrust Financial, the island's top credit card issuer, gained 4.6 percent, while the bank and insurance sub-index rose 0.74 percent.
Electronic shares were down after gaining for three consecutive sessions, pressured by weak US data. US employers cut more jobs than expected in June, hurting technology shares because the United States is a key export market for many Taiwanese companies.
TSMC, the world's biggest contract chipmaker, fell 0.18 percent after gaining for two days. Hon Hai, the electronic parts giant, had lost 2.39 percent.
Chicony Electronics, the world's largest maker of PC keyboards, dropped 1.47 percent after its chief financial officer told Reuters on Thursday its third-quarter revenue would come in lower than market expectations. Meanwhile, Taiwan's Delta Electronics Inc, the world's top maker of power supplies for electrical devices, rose 1.79 percent after its chief executive said its sales would grow more than 20 percent in the next five years due to greater notebook demand.
The main TAIEX index has gained more than 4 percent over the past week. Analysts said the index would likely trade between 6,400 and 6,800 next week, but it would be difficult to climb above 6,800 if turnover doesn't pick up. "I think it's pretty hard for the index to rise above 6,800 unless there is more positive news in the market and a more significant turnover," said Tom Tang, a vice president at Masterlink Investment Advisory.