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Taiwan shares fall on disappointing China news

Taiwan shares fall on disappointing China news

Taiwan shares fell Monday, weighed down by disappointment over the government's negative response to initiatives taken at a trade forum in China.
The Weighted Price Index of the Taiwan Stock Exchange dropped 74.00 points, or 0.9 percent, to close at 7,875.42 in light volume.
Markets will be closed Tuesday for Labor Day.
Allen Tseng of Capital Securities said he expected a rebound Wednesday as bargain-hunters emerge.
Big losers on Monday included large China-related issues, which were hurt by the government's rejection of initiatives taken at a Beijing conference attended by members of the main opposition Nationalist Party.
Officials of the ruling Democratic Progressive Party said a Chinese decision to allow Taiwanese companies to invest in shipping and container firms would have no effect because it was not negotiated between the two governments.
Taiwan's tourism subindex fell 4.9 percent On Monday, with Ambassador Hotel down 6.9 percent to New Taiwan dollar 36.00 and Leofoo Development shedding 6.1 percent to close at NT$21.50.


Updated : 2021-06-25 11:14 GMT+08:00