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Taiwan: Stocks rise as tech, financials lend support

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[TAIPEI] Taiwan stocks rose on Monday, supported by technology and financial shares, as markets viewed a US interest rate hike this month as a near certainty.

The main Taiex index rose 0.1 per cent to 9,659.90 points as of 0123 GMT, after closing down 0.5 per cent on Friday.

The electronics and the financial subindexes rose 0.3 per cent.

Among actively traded shares, Nanya Technology Corp , an electronics manufacturer known for its memory chips, rose 1.8 per cent.

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DBS Group Research raised its 2017 economic growth forecast for Taiwan to 2.5 per cent from 2.1 per cent on Monday, citing a stronger-than-expected start of the year due to a recovery in exports and inventory restocking in the manufacturing sector.

Global investors weighed Federal Reserve Chair Janet Yellen's remarks on Friday, when she all but confirmed market expectations for an interest rate rise in March barring any sharp deterioration in economic conditions.

Meanwhile, China cut its growth target this year as the world's second-largest economy pushes through painful reforms to address a rapid build-up in debt, and erects a "firewall" against financial risks.

The Taiwan dollar was down NT$0.062 against the US dollar to NT$30.958.

REUTERS

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