Taiwan: Stocks up with overseas markets, airlines shrug off TransAsia uncertainties

[TAIPEI] Taiwan stocks rose on Tuesday tracking gains in overseas markets with airline stocks largely shrugging off the unexpected suspension of services by Taiwanese airline TransAsia Airways Corp.

As of 0210 GMT, the main Taiex index was up 1.1 per cent at 9,137.26, after closing up 0.4 per cent in the previous session.

The electronics subindex rose 1.3 per cent, while the financials subindex gained 0.3 per cent.

The transportation index was mostly flat as shares in Taiwan's two largest airlines were higher in early trade after TransAsia Airways unexpectedly said on Monday that it could be suspending services on Tuesday without citing a reason.

Shares in China Airlines climbed as much as 2.4 per cent, while EVA Airways rose as much as 3.9 per cent.

TransAsia was suspended from trading on Tuesday while the company board meeting is still underway, and it plans to hold a news briefing later in the day. The company's shares ended down over 7 per cent in the previous session.

The Taiwan dollar firmed NT$0.153 to NT$31.847 per US dollar.

REUTERS