Taiwan: Stocks rise in technical rebound, cautious optimism

[TAIPEI] Taiwan stocks rose on Monday in technical bounce and cautious optimism after a five-session losing streak.

The island's financial markets were closed on Friday due to a typhoon. Prior to that, the main stock index had shed 5 per cent in the five sessions to Thursday on worries over the slump in the Chinese equities and the ongoing Greece crisis.

The main TAIEX index was up 0.5 per cent at 8,961.75 as of 0213 GMT, after closing down 0.7 per cent in the previous session.

Gains were broad-based, with the electronics subindex up 0.6 per cent and the financials subindex higher 1 percent.

Shares of chipmaker United Microelectronics were up 0.8 per cent, while those of China Development Financial were 1.5 per cent higher. Shares of China Steel rose 0.4 per cent, while China Airlines gained 0.7 per cent.

The Taiwan dollar firmed T$0.243 to T$30.987 per US dollar.

REUTERS