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Taiwan: Stocks hit over 18-month highs, TSMC up ahead of Q4 results
[TAIPEI] Taiwan stocks rose nearly one per cent on Thursday to their highest in more than 18 months, tracking gains in overseas markets in a relief rally after US President-elect Donald Trump's widely-awaited news briefing yielded little clarity on his future fiscal policies.
Gains were also boosted by Taiwan Semiconductor Manufacturing Co Ltd (TSMC), which rose 1.4 per cent ahead of its fourth-quarter results scheduled after market hours. The world's largest contract chipmaker will also issue its outlook for this year.
Analysts on average expected December-quarter net profit to come in at NT$96.21 billion (S$4.34 billion), according to Thomson Reuters Eikon, just shy of the quarterly record of NT$96.8 billion reported for the previous three months.
The main Taiex index was up 0.8 per cent at 9,417.55 as of 0147 GMT after rising to its highest since late June 2015. It had closed almost flat in the previous session.
The electronics subindex rose 0.7 per cent, while the financials subindex gained 0.5 per cent.
The Taiwan dollar was up NT$0.185 at NT$31.750 per US dollar after rising to its strongest against the US dollar since early December.