HSBC wary on Taiwan tech firms

By Jeffrey Hodgson HONG KONG (Reuters) - Investors in Taiwan should be underweight its high profile technology sector because it is unclear how badly a faltering global economy will curb demand in its main export markets, an HSBC (HSBA.L: ) fund manager said. They should instead favour shares of the self-ruled island's telecom, industrial and material stocks, which best stand to benefit from policy changes following the election of President Ma Ying-jeou, added Leilani Lam, manager of the bank's newly launched Taiwan fund. Taiwan's stock market, which hit its lowest level since October 2006 on Thursday, has more upside than downside given its low valuation and the likelihood that the new government can spur growth, she told Reuters. "It's difficult to pick a bottom. But I think we're close to it," she said. "The new... [read full story]