Markets

Taiwan stocks decline, banks, builders lower

TAIPEI : Taiwan stocks fell 0.63 percent on Monday, led by banks including Fubon Financial Holding Co Ltd , on lingeri

Published September 19, 2011 Updated September 19, 2011 04:54am

1 min

By Shoaib Ur Rehman

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"Global markets were extremely volatile last week, indicating rising uncertainty over the euro zone problems," said Bevan Yeh, a fund manager at Prudential Financial in Taiwan. "Most investors would prefer to sit on the sidelines for now."

At about an hour into trade, the main TAIEX index had slipped 47.49 points to 7,529.91, retreating from a 2.6 percent rally in prior session.

Fubon, parent of Taiwan's No.2 insurer, sank 5.36 percent, weighing financial shares by 2.4 percent.

Other losing sectors included the department store sub-index , down 2.2 percent, and construction , off 1.8 percent.

The Taiwan dollar weakened by T$0.084 to T$29.668.

Foreign investors were net buyers in the previous session, but remain net sellers of a total T$39.3 billion this month.

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