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Taiwan: Stocks rise on Nasdaq, may extend 7-1/2-yr gains

Friday, April 24, 2015 - 09:46
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[TAIPEI] Taiwan stocks rose on Friday, extending gains not seen in 7-1/2-years following an overnight rally in the Nasdaq.

As of 0171 GMT, the main TAIEX index rose 1.6 per cent to 9,951.29, after closing up 1.9 per cent on Thursday to settle at a 7-1/2-year high.

Once the main index closes higher than 9,912, the next major target will be the 10,000-mark, a level it hasn't touched in at least 15 years.

The electronics subindex was up 2 per cent, while the financial subindex was ahead 1 per cent.

Shares of suppliers of the Apple Watch, which goes on sale worldwide Friday, were mostly higher on expectations demand would exceed supply.

Shares of Quanta Computer were up 1 per cent, Kinsus Interconnect Techology was 1.5 per cent higher and Zhen Ding Technology Holding gained 2.3 per cent. ASE was ahead 2.7 per cent.

The Taiwanese supply chain for the Apple Watch covers makers of tiny components such as substrates and printed circuit boards to the chips, and assemblers of the final gadget.

The Taiwan dollar was up T$0.171 to stand at T$30.960 to the US dollar.

REUTERS

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