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Taiwan: Stocks rise on gains in overseas markets, better orders data

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Given the near-term cost headwinds and uncertainty on rail fares and ridership, investors should accept Temasek Holdings' S$1.20 billion buyout of SMRT Corp, RHB Research Institute Singapore said on Thursday.

[TAIPEI] Taiwan stocks rose on Thursday, buoyed by strength in overseas markets and better-than-expected June export orders data.

Last month orders fell 2.4 per cent from a year earlier, government data showed on Wednesday, less than a 4.75 per cent drop projected in a Reuters poll.

The main Taiex index was up 0.6 per cent at 9,060.00 as of 0229 GMT, after closing down 0.3 per cent in the previous session.

The main index has settled higher, above a one-year high, for most of the month on the back of buying from foreign investors.

The electronics subindex rose 0.8 per cent, while the financials subindex gained 0.2 per cent.

Big-capped tech shares were higher after June orders data showed the start of a seasonal uptick in demand for tech goods.

Shares in electronics maker Hon Hai Precision Industry Co Ltd were up 1.7 per cent, while contract chipmaker TSMC was 0.9 per cent higher.

The Taiwan dollar softened T$0.029 to T$32.080 per US dollar.