Taiwan: Stocks shrug off early losses; GDP data spurs some buying

[TAIPEI] Taiwan stocks rose a bit on Friday as early losses gave way to some buying after government data showed the economy grew at its fastest pace in a year and a half.

The result marked the latest evidence of a gradual recovery in the export-driven economy, and backs expectations that the central bank would hold rates steady for a second time at its December quarterly meeting.

As of 0254 GMT, the main Taiex index rose 0.1 per cent to 9,304.88, after closing 0.7 per cent lower in the previous session.

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

Among actively traded shares, chipmakers United Microelectronics was up 1.3 per cent, while TSMC was up 0.5 per cent.

The Taiwan dollar softened NT$0.025 to NT$31.662 per US dollar.

REUTERS