Taiwan: Stocks up marginally on cautious trade ahead of holidays

[TAIPEI] Taiwan stocks rose slightly on Monday but was swinging back and forth ahead of a holiday shortened trading week.

The main TAIEX index rose 0.1 per cent to 8,151.34 as of 0234 GMT, after closing up 0.8 per cent in the previous session.

The electronics subindex rose 0.3 per cent, while the financials subindex lost 1.0 per cent.

Shares in Hon Hai Precision was up 0.8 per cent. The chief executive of the world's largest contract electronics maker said on Sunday he was confident about the company's bid for Sharp, adding that the ailing Japanese electronics maker would make a decision on the matter within the week.

The local bourse will finish trading this week after Wednesday's session before shutting for the Lunar New Year holiday. Taiwan's stock market will then reopen Feb 15.

A weakened trade-reliant economy means investors will take a cautious stance as more rate cuts are expected and the latest manufacturing data issued Monday pointed to tepid global demand.

The Taiwan dollar firmed T$0.235 to T$33.415 per US dollar.

REUTERS