Taiwan stocks slip on new property tax, high oil prices

TAIPEI: Taiwan stocks closed 0.8% lower on Monday, Mar 7, pressured by construction and transport shares on a planned new property tax and high oil prices.

Fund managers said the main share index would continue to face resistance at the 8,900-point level this week on concerns over high oil prices.

"The economic outlook remains good for this year, but it is overshadowed by the situation in the Middle East," said Jih Sun Investment Consulting Co analyst Kevin Chung.

The main Taiex share index closed down 70.61 points at 8,713.79 after opening down 0.17%.

The construction subindex slipped 2.82%. A report said the Finance Ministry would bring the proposal before the cabinet for passage as early as Thursday.

Transport shares dropped 2.16% as crude oil price rose to 2½-year highs on Monday.

Plastics slipped 1.75%.

The subindex of electronics companies eased 0.84%, with HTC down 2.7%.

Department store shares were among the few gainers, rising 0.1%. A report said the Chinese government is considering allowing travellers in other first-tier cities to travel independently in Taiwan. — Reuters

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