Taiwan: Stocks inch higher; Ta Chong Bank, HTC rally

[TAIPEI] Taiwan stocks edged up on Friday, led by strength in financial shares on positive sentiment after Yuanta Financial said it would acquire Ta Chong Bank in a deal valued at about US$1.8 billion.

As of 0145 GMT, the main TAIEX index was up 0.12 per cent, at 8,321.90, after closing at 8,311.74 in the previous session.

Ta Chong, partially owned by Carlyle Group, surged by the daily 10 per cent limit to multi-year highs, lifting the financial subindex by 1.4 per cent.

Struggling smartphone maker HTC added 1.4 per cent. HTC announced a plan to cut 15 per cent of its workforce globally and to reduce its operating expenditure by 35 per cent.

The electronics subindex fell 0.6 per cent.

The Taiwan dollar rose T$0.232 to T$32.134 per US dollar.

REUTERS