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Taiwan: Stocks edge up in cautious trade; financials rise

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[TAIPEI] Taiwan stocks rose on Tuesday in cautious trade, as investors await the US Federal Reserve's meeting later this week, and paced by gains in financial heavyweights such as Cathay Financial Holding.

As of 0356 GMT, the main Taiex index was up 0.1 per cent at 9,360.88 points, after closing lower at 9,349.94 points in the previous session.

The electronics subindex rose as much as 0.4 per cent while the financials subindex gained up to 0.6 per cent.

Cathay, the parent company of Taiwan's biggest life insurer, climbed as much as 0.7 per cent. Rival firm Fubon Financial Holding Co Ltd rose as much as 1.8 per cent.

The Taiwan dollar firmed NT$0.076 to NT$31.788 per US dollar.

Asian shares were on tenterhooks on Tuesday as investors awaited the Fed's meeting that begins later in session for clues on the outlook for US monetary policy, while crude oil prices pulled back after their surge to 18-month highs.

REUTERS

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