Taiwan: Stocks up on global markets, techs prime for earnings season

[TAIPEI] Taiwan stocks rose on Monday following markets overseas, with little direction seen at home after a long holiday weekend.

As of 0143 GMT, the main TAIEX index rose 1.2 per cent, to 8,547.28, after closing down 0.6 per cent last Thursday.

Taiwan's financial markets were closed on Friday for a holiday.

The electronics subindex rose 0.9 per cent, while the financials subindex gained 1.2 per cent.

Key Taiwan tech firms are preparing to release their third-quarter results with chipmaker TSMC's due on Thursday.

TSMC was up 0.7 per cent, while assemblers for Apple Inc smartphones and other gadgets Pegatron and Hon Hai Precision were up 7 per cent and 1.6 per cent, respectively, on hopes demand for Apple gadgets will drive sales.

Hon Hai, whose trade name is Foxconn, said last Thursday that its sales in September rose nearly 11 per cent from a year ago.

The Taiwan dollar firmed TW$0.4 to TW$32.450 per US dollar.

REUTERS