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  1. Taiwan stocks up on Fed optimism; chips gain

Taiwan stocks up on Fed optimism; chips gain

Taiwan stocks rose on Thursday in line with an upbeat performance in other regional markets after the U.S. Fed noted strength in the world's largest economy.

By: | Published: July 30, 2015 8:35 AM

Taiwan stocks rose on Thursday in line with an upbeat performance in other regional markets after the U.S. Fed noted strength in the world’s largest economy.

The main TAIEX index rose 1.4 percent to 8,679.61 as of 0236 GMT, after closing down 0.22 percent in the previous session.

The Federal Reserve said the U.S. economy and labour market continue to show gains, increasing the possibility of a September rate hike.

The electronics subindex rose 1.5 percent, led by semiconductors, which gained 2.08 percent. The world’s No.3 contract chipmaker United Microelectronics Corp  jumped 5.12 percent on second-quarter earnings that beat forecasts.

Banks and insurance firms gained 2.1 percent, while flat panels gained 2.37 percent.

The Taiwan dollar firmed T$0.081 to T$31.442 per U.S. dollar.

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