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Taiwan: Stocks hit three-week high; financials up

Thursday, December 1, 2016 - 12:22
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[TAIPEI] Taiwan stocks rose to a three-week high on Thursday along with other regional bourses, led by gains in financial stocks such as Cathay Financial Holdings.

As of 0347 GMT, the main TAIEX index was up 0.3 per cent at 9,270.93 points, highest since Nov 9.

The electronics subindex stayed flat, while the financials subindex gained 0.9 per cent.

Cathay Financial and Fubon Financial Holdings, parent companies of Taiwan's two biggest life insurers, advanced as much as 2.8 per cent and 1.31 per cent respectively.

ChipMOS Technologies was up 5.12 per cent after opening 9 per cent higher. The chip test and packaging firm said it scrapped a planned US$373 million stake sale to China's Tsinghua Unigroup due to uncertainty about Taiwanese regulatory clearance.

The Taiwan dollar softened NT$0.009 to NT$31.899 per US dollar.

In Asian equities, Australian stocks climbed 0.8 per cent and Japan's Nikkei gained more than 2 per cent on a weaker yen to hit an 11-month high.

REUTERS