Taiwan stocks rise in technical rebound, cautious optimism

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Published: July 13, 2015 8:45:57 AM

Taiwan stocks rose on Monday in technical bounce and cautious optimism after a five-session losing streak.

Taiwan stocks rose on Monday in technical bounce and cautious optimism after a five-session losing streak.

The island’s financial markets were closed on Friday due to a typhoon. Prior to that, the main stock index had shed 5 percent in the five sessions to Thursday on worries over the slump in the Chinese equities and the ongoing Greece crisis.

The main TAIEX index was up 0.5 percent at 8,961.75 as of 0213 GMT, after closing down 0.7 percent in the previous session.

Gains were broad-based, with the electronics subindex  up 0.6 percent and the financials subindex  higher 1 percent.

Shares of chipmaker United Microelectronics were up 0.8 percent, while those of China Development Financial  were 1.5 percent higher. Shares of China Steel  rose 0.4 percent, while China Airlines  gained 0.7 percent.

The Taiwan dollar firmed T$0.243 to T$30.987 per U.S. dollar.

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