Taiwan stocks closed 0.8 percent lower on Monday, pressured by construction and transport shares on a planned new property tax and high oil prices. Fund managers said the main share index would continue to face resistance at the 8,900-point level this week on concerns over high oil prices.
"The economic outlook remains good for this year, but it is overshadowed by the situation in the Middle East," said Jih Sun Investment Consulting Co analyst Kevin Chung. The main TAIEX share index closed down 70.61 points at 8,713.79 after opening down 0.17 percent. The construction sub-index slipped 2.82 percent. A report said the Finance Ministry would bring the proposal before the cabinet for passage as early as Thursday. Transport shares dropped 2.16 percent as crude oil price rose to 2-1/2-year highs on Monday. Plastics slipped 1.75 percent.
The sub-index of electronics companies eased 0.84 percent, with HTC down 2.7 percent. Department store shares were among the few gainers, rising 0.1 percent. A report said the Chinese government is considering allowing travellers in other first-tier cities to travel independently in Taiwan.
Comments
Comments are closed.