Taiwan: Stocks rise; Largan, TSMC up after Apple gains

Published Mon, Jan 25, 2016 · 02:34 AM

[TAIPEI] Taiwan stocks rose on Monday, paced by gains in Apple Inc's suppliers following the US company's shares surged 5 per cent on Wall Street on Friday.

The main TAIEX index rose 1.4 per cent to 7,863.34 as of 0147 GMT, after closing at 7,756.18 in the previous session.

The electronics subindex rose 1.2 per cent, while the financials subindex gained 1.9 per cent.

Companies that make components for Apple jumped, with Largan Precision and Taiwan Semiconductor Manufacturing Co (TSMC) gaining 6 per cent and 1 per cent, respectively.

Apple is due to report its quarterly results, which will be closely watched for signs of a decline in iPhone sales after soft sales forecasts from some of its suppliers, which could seal a third straight month of declines for the stock.

The Taiwan dollar firmed TW$0.168 to TW$33.537 per US dollar.