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Taiwan: Stocks hit more than 1-month high; weak manufacturing may erode gains

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[TAIPEI] Taiwan stocks rose on Wednesday to hit more than one-month high during the session, but the gains may be short-lived as the outlook for the trade-reliant economy remains murky.

As of 0254 GMT, the main TAIEX index rose 0.6 per cent, to 8,587.98 points, after closing unchanged in the previous session.

The electronics subindex climbed 0.8 per cent, while the financials subindex gained 0.5 per cent.

Manufacturing activity in May, as measured by the Nikkei/Markit PMI, deteriorated to a level not seen in seven months as new orders shrank. The latest data came after Taiwan cut its growth outlook for the economy for the third time last week.

The Taiwan dollar firmed TW$0.036 to TW$32.594 per US dollar.