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Taiwan: Stocks off 3-week lows, but export data, Brexit vote lurk

Friday, June 17, 2016 - 09:57
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[TAIPEI] Taiwan stocks rose on Friday following regional markets higher but the rally from three-week lows could prove to be short-lived, with uncertainty hanging over export data and worries over the negative effect on European demand should Britain vote to quit the European Union.

Export-oriented economy releases May export orders data on Monday - orders have fallen for 13 straight months. And Britain's referendum on EU membership will take place mid-week.

As of 0126 GMT, the main Taiex index rose 1.0 per cent, to 8,575.06 points, after closing down 1.3 per cent in on Thursday, striking a three-week low.

The electronics subindex rose 1.1 per cent, while the financials subindex gained 0.9 per cent.

Bellwether tech stocks Hon Hai Precision and Pegatron were up 1 per cent and 0.4 per cent, respectively. The two companies, which assemble Apple Inc's popular iPhones, will hold their annual shareholders meetings next week, possibly offering the latest outlook on global tech demand.

The Taiwan dollar firmed T$0.008 to T$32.383 per US dollar.

REUTERS