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Taiwan: Stocks rise slightly on technical buying, gains seen limited

taiwan stocksphotoAFP.jpg

[TAIPEI] Taiwan stocks rose mainly on technical buying Tuesday as the market struggled to hold on to intraday gains ahead of a quarterly policy meeting by the central bank later this week where key rates are expected to be cut.

The 0.6 per cent gain in big-capped contract chipmaker TSMC pushed the index higher, but early advances were eroded as investors fretted over losses in regional bourses as uncertainties continued over Brexit.

As of 0231 GMT, the main TAIEX index rose 0.1 per cent to 8,469.31, after closing down 0.2 per cent in the previous session. Traders said key support was seen around 8,401 and then at 8,370.

The electronics subindex rose 0.3 per cent, while the financials subindex lost 0.1 per cent.

Shares in China Airlines fell more than 4 per cent to trade near their historic lows as local media reported that Taiwan's largest airline could face a second strike as other crew and ground staff reportedly seek better working conditions.

Hundreds of flight attendants walked off their jobs briefly late last week before the carrier's management agreed to working conditions the protestors were seeking.

The Taiwan dollar firmed T$0.068 to T$32.465 per US dollar.