Taiwan: Stocks mostly flat, Powertech off after early surge

[TAIPEI] Taiwan stocks were mostly flat on Monday on tentative trading following downbeat sentiment in overseas markets.

As of 0147 GMT, the main TAIEX index was unchanged at 8,552.97, after closing down 0.2 per cent in the previous session.

The electronics subindex rose 0.1 per cent, while the financials subindex lost 0.3 per cent.

Shares in chip tester and packager Powertech Technology was off 0.4 per cent after surging over 3 per cent in early trade. Powertech and China's Tsinghua Unigroup late Friday said that the Chinese state-backed tech group would take a 25 per cent stake in the Taiwanese company.

Meanwhile, memory chipmaker Inotera Memories, which is Micron Technology's joint venture in Taiwan, said it was replacing its Chairman Charles Kau.

Inotera's shares were down 0.8 per cent.

The move to replace Mr Kau came after he moved to a Chinese group that had tried, but failed to purchase a stake in Micron.

Mr Kau was hired to be the global executive vice president of Tsinghua Unigroup, a person familiar with the matter told Reuters last month.

The Taiwan dollar firmed T$0.326 to T$32.476 per US dollar.

REUTERS