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Taiwan: Stocks up with overseas markets, smaller tech stocks seeing gains

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Taiwan stocks rose on Thursday as investors took advantage of upbeat sentiment overseas to look for bargains in small-cap stocks.

[TAIPEI] Taiwan stocks rose on Thursday as investors took advantage of upbeat sentiment overseas to look for bargains in small-cap stocks.

By 0149 GMT, the main TAIEX index had edged up 0.1 per cent, to 9,197.76 points, after closing down 0.3 percent Wednesday.

Taiwan's financial markets will be shut Friday for the Dragonboat Festival public holiday. They will reopen as normal on Monday.

The financials subindex gained 0.2 per cent, while the electronics subindex rose 0.2 per cent.

Asian shares were mostly higher as the US Fed signaled a rate hike remains possible but that it would pay close attention to how the US recovery progresses before making a move.

A broad segment of local tech shares were seeing buying.

Of the actively traded counters, printed circuit board maker Unimicron Technology was up 4.5 per cent, while wafer maker Inotera Memories was ahead 1.8 per cent. Solar cell maker Neo Solar Power was also up 4.5 per cent.

However, big caps like TSMC and Hon Hai Precision Industry underpaced the overall market, each down around 0.4 per cent.

The Taiwan dollar firmed TW$0.4 to stand at TW$30.861 to the US dollar.

REUTERS