Taiwan stocks fell 0.75 percent on Friday, in line with other regional bourses, as investors continued to stay sidelined on concerns of a mixed earning season. At 0230 GMT, the main TAIEX index had slipped to 8,350.72 points, dragged by electronics and financials, both of which shed about 1 percent.
The semiconductors sub-index slid 1.5 percent on continued pessimism about earnings forecasts from US peers. Taiwan Semiconductor Manufacturing Co (TSMC) was down 2.27 percent. The index rose 2.9 percent so far this month, gains that were unsustainable given the overall economic environment, said Michael On, managing director of Taipei-based Beyond Asset Management.
One bright spot was HTC, jumping 3 percent after ending up by the 7 percent limit on Thursday. China Mobile would buy a stake in the struggling smartphone maker, local media reported. HTC denied the reports. Separately, market sentiment was weighed down by a local media report that a Taiwan-China services trade pact was being held up in the hearing phase and was unlikely to be passed before the end of the year. The Taiwan dollar was up T$0.044 to stand at T$29.408 to the US dollar.
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