Taiwan stock index falls 0.48 percent ahead of US Fed decision on interest rates


AP

TAIPEI, Taiwan — Taiwan shares fell Wednesday as foreign investors continued to sell ahead of the U.S. Federal Reserve’s decision on U.S. interest rates.

The Weighted Price Index of the Taiwan Stock Exchange dropped 46.56 points, or 0.48 percent, to 9,711.37 points.

The index has fallen for two consecutive sessions after rising Monday to its highest level since April 12, 2000.

Michael Lin of Fubon Securities said Wall Street could continue to weaken after the expected U.S. Fed rate cut as the market has already priced it in, but he remained optimistic about the Taiwan bourse.

“There’s … continued demand,” he said. “So barring large surprises (on the Fed decision), we think Taiwan shares are still on a rising trend in the medium term.”

The food sector declined 2.9 percent, steel shares lost 3.2 percent and the transport subindex shed 2.6 percent.

Meanwhile, designers PixArt Imaging fell 5.5 percent to NT$283.50. MediaTek lost 1.1 percent to NT$633.