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Markets

Taiwan stocks close down; defensive plays weigh

Published Updated

 TAIPEI: Taiwan stocks ended down 0.46 percent on Tuesday, with defensive plays such as rubber and department stores the top losers, down 2.48 percent and 1.63 percent, respectively.

Formosa Petrochemical Corp, however, edged up 1.43 flat even though it said it expected fourth-quarter profit to drop sharply after a fire forced it to shut down.

The main TAIEX index was down 34.59 points at 7,491.06, after opening down 0.13 percent.

The financial sub-index shed 1 percent, while electronics shares slipped 0.39 percent.

Apple Inc's major supplier Hon Hai Precision Industry Co Ltd was off 1.55 percent, even after reports that it posted forecast-matching consolidated gross margin in the third quarter.

The Taiwan dollar was down 0.12 percent at T$30.200.

Copyright Reuters, 2011

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