Taiwan shares closed slightly lower on Monday as rotational buying saw traders cutting their tech stocks. The weighted index closed down 0.29% at 17,235 points, dragged by the semiconductor sector. Analysts expect tech stocks to gradually rebound as earnings reports come out for April.

On Monday, TSMC announced record April revenue of 111.3 billion NT dollars, representing growth of 16% year-on-year. Hon Hai also announced its best-ever earnings for the month. Revenue stood at over 500 billion NT dollars, 31.4% higher than the same period last year.