0117 GMT - Taiwan stocks extend losses to 9.7% in early session after President Trump announced a reciprocal tariff of 32% on the island economy last week. Taiwan's stock market was closed last Thursday and Friday due to holidays. Index heavyweight TSMC is down 10% and Foxconn Technology Group slides 9.8%. Goldman Sachs downgrades Taiwan equities to underweight due to its high exposure to the U.S. market. "Near-term concerns over its high exposure to U.S. exports, the Asian supply chain, and U.S. market sensitivity outweigh our long-term positive views on TSMC's industry leadership and AI/Tech demand," GS analysts say in a research note.Although semiconductors are currently exempt from tariffs, Trump stated that tariffs on chips will be announced shortly. GS reduces its 12-month Taiex target to 21000 from 25500.(sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 06, 2025 21:17 ET (01:17 GMT)
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