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Taiwan: Stocks up as tech firms rebound; weak US data may limit gains

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Taiwan stocks were up on Monday morning thanks to a rebound in tech shares after two sessions of losses, but the upside could be limited by another set of weak data from the United States - key export market for the island nation.

[TAIPEI]Taiwan stocks were up on Monday morning thanks to a rebound in tech shares after two sessions of losses, but the upside could be limited by another set of weak data from the United States - key export market for the island nation.

As of 0109 GMT, the main TAIEX index rose 0.28 per cent to 9,605.97, after closing down 0.3 per cent on Friday.

The market has however remained tentative in recent sessions, and the positive momentum could be hampered by uncertainty in global markets over the pace of recovery in the U.S.

Later this week, Taiwan will issue its export orders data for April, which are slated to show a near 2 per cent decline year-on-year, based on a Reuters poll.

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Hon Hai Precision, which assembles goods for Apple Inc, was 2.8 per cent higher, outperforming the electronics subindex, which was up 0.4 per cent.

However, the financial subindex was mostly flat.

The Taiwan dollar was up T$0.133 to stand at T$30.479 to the U.S. dollar.

REUTERS

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