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Taiwan: Stocks rise; TSMC, CTBC Financial jump

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[TAIPEI] Taiwan stocks rose along with some other regional bourses on Wednesday, paced by gains in heavyweights such as Taiwan Semiconductor Manufacturing Co.

The main TAIEX index rose 1 per cent to 8,703.79 as of 0226 GMT.

Asian shares gained on Wednesday as markets scaled back expectations for how fast and far US interest rates might rise this year.

The electronics subindex rose 0.9 per cent, while the financials subindex gained 1 per cent.

TSMC, the world's top contract chip maker, rose 0.3 per cent.

CTBC Financial Holding Co, the parent company of Taiwan's biggest credit card issuer, extended gains early in the session to 1.8 per cent.

The company agreed to buy a 35.6 pct stake in Thailand's LH Financial Group for 16.6 billion baht (S$636 million).

The Taiwan dollar firmed T$0.277 to T$32.418 per US dollar.

REUTERS

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