Taiwan stocks fall to three-month low

Taiwan stocks fell 0.25 percent to a fresh three-month closing low on Tuesday, paced by tech exporters such as HTC, amid concerns about the eurozone debt problems and about global economic growth prospects. Further selling pressure is expected, with the market likely to retreat to the 8,000 point level, some fund managers said.
"US PMI data to be released later this week will be the key to watch on whether the global economy can sustain its momentum," said K.H. Lin, a vice president at Yuanta Financial Holdings Co Ltd fund unit. The main TAIEX index ended 21.30 points down at 8,478.86, giving up gains during the session and extending declines from the lowest close in three months on Monday.
About 282 mainland tourists will travel to Taiwan as individuals from today, the first tourists from China not in organised groups in the latest sign of easing ties between the two former political foes. The tourism sub-index shed 0.66 percent. Travel stocks have staged a rally so far this year amid expectations of a boom from increased number of high-spending mainland tourists.