Taiwan: Stocks up on bargain hunting, transport shares higher on low oil prices

[TAIPEI] Taiwan stocks rose on Thursday driven by bargain hunting, especially in transport shares as oil prices remained at low levels, despite an offshore rally in crude prices.

But going into holiday and year-end trading, gains driven by thin volumes may be short-lived with the trade-dependent island economy is expected to lose growth momentum going into 2016.

As of 0213 GMT, the main TAIEX index rose 0.6 per cent, to 8,364.66 points, after closing up 0.3 per cent in the previous session.

The electronics subindex rose 0.5 per cent, while the financials subindex gained 0.6 per cent. The transport subindex was 1.4 per cent higher on the recent decline in oil prices.

While benchmark oil prices were up overnight, Brent had touched its lowest level since July 2004 in the previous session.

Shares in shipping firm Wan Hai Lines were up 7.6 per cent, while those in Yang Ming Marine, another peer, were 3 per cent higher.

The Taiwan dollar firmed T$0.317 to T$32.783 per US dollar.

REUTERS