Taiwan stocks closed 0.96 percent lower on Monday, pressured by a 2.1 percent fall in chip makers, over concerns about the outlook for tech firms. Hon Hai fell 1.43 percent. The electronics giant said earlier on Monday that it plans to list its distribution unit in Taiwan. The main TAIEX index fell 83.7 points to 8,665.85, after opening flat.
Top chip maker TSMC shed 1.66 percent, while UMC was off 1.4 percent, after both posted a month on month decline in sales for a third consecutive month in June. Banking shares however climbed 0.1 percent, with Cathay Financial Holding up 0.9 percent. Taiwan's top financial holding firm said net profit last month was the highest since September 2008, thanks to its life insurance unit.