Taiwan stocks lower

Taiwan stocks lost 1.23 percent on Thursday, with PC maker Acer Inc down by the maximum allowed for the whole session after it reported a worse-than-expected quarterly loss and said it would be impossible to break even for the full year. The main TAIEX index dropped 92.06 points to 7,410.87, after opening up 0.75 percent.
The construction sub-index was the biggest drag, falling 5.24 percent. Taiwan's president has called on local governments to reimpose a special tax on undeveloped land as part of a wide-raning package of measures against property speculation. Electronics shares dropped 1.05 percent while financial shares were off 1.78 percent.