Taiwan: Stocks rise on continued optimism about Greece

[TAIPEI] Taiwan stocks rose on Tuesday as continued optimism about the situation in Greece kept buying alive, but caution may take hold ahead of fresh data on the Chinese economy.

With China set to release its second-quarter gross domestic product (GDP) data on Wednesday, some analysts warned that lacklustre trade is the precursor to disappointing economic growth.

The main TAIEX index was up 0.5 per cent at 9,077.48 as of 0209 GMT, after closing higher 1.34 per cent in the previous session.

The electronics subindex rose 0.4 per cent, while the financials subindex gained 0.7 per cent.

Inotera Memories rose limit up 10 per cent before easing back slightly to trade 7.5 per cent higher on a report that state-backed Chinese private-equity firm Tsinghua Unigroup Ltd offered to buy US memory chipmaker Micron Technology Inc .

Tsinghua offered US$21 per share for Micron, which is at a 19.3 per cent premium to the stock's close on Monday, the Wall Street Journal reported, citing a person familiar with the matter. However, Micron confirmed that it had not received any offer.

Inotera is a joint venture between Micron and Taiwan's Nanya Technology. Shares of Nanya were trading 6.5 pct higher.

The Taiwan dollar firmed T$0.188 to T$31.012 per US dollar.

REUTERS