February 5, 2018 / 2:18 AM / a year ago

UPDATE 1-Taiwan stocks extend losses to 2.3 pct after earthquake

* Taipei shares extended losses follows global shares selloff

* No local reports of injuries or damages from quake

* Tech companies TSMC, Foxconn said no damages so far (Adds companies’ comments, share performance)

TAIPEI, Feb 5 (Reuters) - Taiwan’s main stocks index extended its losses to 2.31 percent in early trade on Monday morning, after an earthquake shook the island the night before and with sentiment knocked by a broader retreat in global markets.

A magnitude 6.1 earthquake struck on Taiwan’s east coast on late Sunday, about 163 kilometers (101.3 miles) southeast of Taipei, the U.S. Geological Survey said.

As of Monday morning, there were no immediate reports of damage or injuries. However, concerns about disruptions to Taiwan’s semiconductor production, a major driver of economic growth, hit shares in the sector with the semiconductor subindex down about 3 percent.

Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker and a major Apple supplier, has not seen any impact to their facilities or operations after initial assessments on Monday morning, a spokesperson for the company told Reuters.

A representative for Foxconn, formally known as Hon Hai Precision Industry Co and the world’s largest contract electronics manufacturer, told Reuters the company had not suffered any damages so far.

Nevertheless, Hon Hai’s stocks were down 2.21 percent, its biggest daily drop since mid-December, while TSMC fell 3.3 percent.

The selloff also tracks a wider decline in global markets, which stumbled on Monday as fears of resurgent inflation sparked speculation central banks globally might be forced to tighten more aggressively, toppling shares in the region from recent highs.

Reporting by Jess Macy Yu and Jeanny Kao; Editing by Shri Navaratnam and Sam Holmes

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below