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Taiwan: Stocks rise on solid Q1 GDP growth

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[TAIPEI] Taiwan stocks rose on Friday on data showing the export-driven economy grew for the fourth quarter in a row, but gains were limited ahead of a long weekend.

Taiwan reported solid first-quarter economic growth as strong global demand for components for Apple Inc's anticipated new iPhone and other electronic gadgets keep Asia's hi-tech factories humming.

As of 0216 GMT, the main Taiex index was up 0.1 per cent at 9,873.50, after closing flat in the previous session.

Taiwan's financial markets will be closed on Monday for the Labor Day holiday. Markets will resume trade on Tuesday.

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The electronics subindex rose 0.4 per cent, while the financials subindex fell 0.1 per cent.

Tech shares rose after Wall Street, with a slew of strong US earnings reports, propelled the Nasdaq to an all-time high.

Among actively traded tech shares in Taiwan, Hon Hai Precision, the world's biggest contract electronics maker, was up 0.2 per cent, while chipmaker TSMC was 0.3 per cent higher.

The Taiwan dollar firmed NT$0.008 to NT$30.148 per US dollar.

REUTERS

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