Taiwan: Stocks gain following rally in overseas markets

[TAIPEI] Taiwan stocks rose on Monday following gains in regional markets on relief that the US Federal Reserve may not raise rates after a weaker-than-expected jobs report.

Traders said the overall gains due to bargain-hunting may be short-lived if inflation and trade data for August due later this week show weak recovery prospects.

As of 0340 GMT, the main Taiex index rose 1.1 per cent to 9,084.59, after closing down 0.2 per cent in the previous session.

The electronics subindex rose 1.3 per cent, while the financials subindex gained 0.9 per cent.

Shares in Mega Financial, which had seen steep selling last week due to a local investigation after it was slapped with a fine in the United States for anti-money laundering violations, were 2.8 per cent higher.

Shares in heavyweight chipmaker TSMC were advancing 1.4 per cent.

The Taiwan dollar firmed NT$0.156 to NT$31.547 per US dollar.

REUTERS