Taiwan stocks fall

Taiwan stocks fell 0.33 percent on Thursday, with previously high flying tourism and transport shares falling and heavyweight banks also losing ground, while fund managers expected further losses ahead. The main TAIEX share index closed down 29.08 points at 8,683.88, after opening 0.3 percent higher. Fund managers expected foreign selling to pick up again as money continues to flow from emerging markets to mature markets.
"Despite the momentary rises seen during this week, foreign investors are still selling; the main index will not be able to reach 9,000 points before another correction," said Robert Huang, a vice president of Pacific Securities. Foreign investors were net sellers for the sixth consecutive session on Wednesday, unloading T$7.85 billion ($270 billion), though the selling has eased from a peak of T$21.57 billion last Friday. Net selling totalled T$68.44 billion this month as of the previous session. Thursday's figures are due later in the day. The transport sector was the biggest loser, down 2.52 percent, followed by tourism shares down 1.6 percent. Financials fell 1.5 percent.