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6 months ago
Taiwan stocks flat ahead of TSMC earnings; caution tracking overseas markets
January 11, 2017 / 3:30 AM / 6 months ago

Taiwan stocks flat ahead of TSMC earnings; caution tracking overseas markets

2 Min Read

TAIPEI, Jan 11 (Reuters) - Taiwan stocks stayed mostly flat
on Wednesday as profit-taking outpaced buying with investors
bidding their time ahead of earnings results from Taiwan
Semiconductor Manufacturing Co later this week.    
    The world's largest contract chipmaker on Tuesday posted
2016 revenue slightly ahead of its own guidance.
    Caution also prevailed, in line with overseas markets, ahead
of President-elect Donald Trump's news conference later in the
day for any clues to his policies on tax, fiscal spending,
international trade and currencies. 
    As of 0249 GMT, the main TAIEX index was unchanged
at 9,352.14 points, after closing up 0.1 percent in the previous
session.
    The electronics subindex dropped as much as 0.1
percent, while the financials subindex was unchanged.
    TSMC pared early gains to drop as much as 0.8 percent, after
it reported 2016 sales rose 12.4 percent, at the top-end of its
guidance for an 11 percent-12 percent gain. 
    The company will issue its fourth-quarter net profit results
on Thursday and provide its first estimates for its 2017
business outlook.
    The Taiwan dollar softened T$0.013 to T$31.961 per
U.S. dollar. 

 (Reporting by J.R. Wu; Editing by Sherry Jacob-Phillips)

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