Taiwan stocks lower

Taiwan stocks closed down 1.23 percent on Wednesday as investors worried that rising oil prices could hurt a global economic recovery. The main TAIEX share index fell 107.66 points to 8,619.90 after opening down 0.6, pressured by plastics and oil shares. The plastics sub-index tumbled 3.83 percent, while oil and gas dropped 3.68 percent.
Fund managers said the main share index was likely to slip to 8,500 this month, its six-month average level, amid fund outflows and a depreciating Taiwan dollar. "The strength of the rebound we saw was not strong, it showed that investors were not confident enough in the market so they sold on any noise," said Mike Fang, a fund manager of Paradigm Asset Management.