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Taiwan: Stocks rise on Wall Street rally; Hon Hai hits 3-week low

Friday, August 12, 2016 - 12:47
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[TAIPEI] Taiwan stocks rose on Friday as market sentiment was bolstered by a rally on Wall Street overnight, with heavyweight Taiwan Semiconductor Manufacturing Co leading the gains.

All three major US stock indexes closed at record highs on Thursday for the first time since 1999 as surging oil prices and strong earnings from department stores Macy's and Kohl's buoyed investor sentiment.

As of 0416 GMT, the main Taiex index rose 0.23 per cent to 9,152.56, after closing at 9,131.83 in the previous session.

The electronics subindex fell 0.1 per cent, while the financials subindex gained 0.3 per cent.

TSMC, the world's top contract chipmaker, added 0.6 per cent.

Hon Hai Precision Industry, the world's biggest electronics component maker, fell as much as 3.6 per cent to a three-week intraday low after it said China had approved its deal with Sharp Corp and quarterly earnings fell year-on-year.

The Taiwan dollar weakened to NT$31.343 per US dollar.

REUTERS