Taiwan: Stocks rebound, HTC soars on share buyback plan

[TAIPEI] Taiwan stocks rebounded from over three-month lows on Monday, with struggling smartphone maker HTC Corp rising on a share buyback plan, but the index gains may be short-lived due to recent heavy selling by foreign investors.

As of 0141 GMT, the main TAIEX index was up 0.1 per cent at 8,059.58. The electronics subindex was 0.2 per cent higher, while the financials subindex slipped 0.1 per cent.

The main index closed at 8,053.69 on Friday, a level not seen since late January.

Shares of HTC soared 5 per cent after the company said on Sunday that it would buy back up to 40 million shares at T$47 - T$70 per share, amid recent share price tumbles.

Foreign investors on Friday sold a net T$14 billion (S$590 million) in Taiwan shares, taking their net selling to T$89 billion so far this month.

The Taiwan dollar softened T$0.028 to T$32.654 per U.S. dollar.

REUTERS