Taiwan: Stocks rise on upbeat export data, overseas gains

[TAIPEI] Taiwan stocks hit their highest in nearly a month-and-a-half on Thursday tracking gains in overseas markets and after data showed the island's exports in November grew at their strongest pace in nearly four years.

Taiwan's exports grew at a better-than-expected pace last month as global retailers stocked up on the island's hi-tech gadgets for the year-end shopping season, data issued after the market closed Wednesday showed.

The main Taiex index was up 0.9 per cent at 9,350.50 as of 0243 GMT and hit its highest since Oct 27. The index closed up 0.1 per cent in the previous session.

The electronics subindex rose 1.1 per cent, while the financials subindex gained 0.9 per cent.

Hon Hai Precison, which goes by the trade name Foxconn, gained 1.8 per cent. The company said on Wednesday it was in early talks on potentially expanding manufacturing in the United States, after Japan's Softbank Group Corp, which has several business ventures with Foxconn, pledged a US$50 billion US investment following a meeting with President-elect Donald Trump.

The Taiwan dollar firmed NT$0.167 to NT$31.735 per US dollar.

REUTERS