Taiwan: Stocks rise, tracking gains in overseas markets

[TAIPEI] Taiwan stocks rose on Wednesday, buoyed by strength in overseas markets and on foreign investor buying.

Asian stocks were up after Wall Street set record highs overnight on increased expectations for an interest rate hike next month.

The main Taiex index was up 0.3 per cent at 9,742.68 as of 0121 GMT, after rising 0.1 per cent in the previous session to its highest close since mid-May 2015 on the back of foreign investor buying.

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

Among actively traded stocks, panel makers AU Optronics Corp was up 3.4 per cent and Innolux Corp was 2.4 per cent higher.

The government is set to offer its latest outlook for the domestic economy after market hours when it issues revised figures for gross domestic product for the fourth quarter of last year.

Preliminary data released in late January showed October-December GDP grew at its fastest pace in nearly two years, but the momentum was slowing.

The Taiwan dollar firmed NT$0.008 to NT$30.860 per US dollar. The local dollar hit its strongest level in around a year and a half in the previous session.

REUTERS