Taiwan stocks rebound; Apple suppliers lead
* Shares of Apple supply chain rise
* Hotels, real estate top winners
* Index seen testing 8,600 pts next week
(Adds comments, hot stocks)
TAIPEI, March 18 (Reuters) - Taiwan stocks rose 0.74 percent on Friday, tracking gains in regional bourses, with Hon Hai Precision (2317.TW) and other Apple Inc (AAPL.O) suppliers in the lead in a rebound from worries over the earthquake and nuclear crisis in Japan.
Hon Hai, Taiwan's top electronics gear maker, and touch panel maker Wintek (2384.TW) both jumped over 1 percent, sending electronics shares .TELI 1.14 percent higher.
"The massive sell-off earlier this week has been overdone. With more and more information about the supply chain becoming available into next week, investors would realise the worst-case scenario they had assumed was too far," said Mike Fang, a fund manager of Paradigm Asset Management.
"I am not worried about the supply chain of Apple," said Fang, adding he bought those shares at dips this week.
Hon Hai was expected to post higher sales in March from February, reflecting no shortage in materials after the quake in Japan, a local media report said, citing estimates from institutional investors.
About one hour into trading, the main TAIEX share index .TWII had climbed 79.47 points to 8,360.00.
The main index is likely to test the 8,600 point level next week, subject to the latest development of Japan nuclear crisis, said Fang.
Among the biggest winners, tourism shares .THOI rose 3.6 percent and construction .TCOI jumped 3.3 percent.
Taiwan's finance ministry will carefully evaluate the implementation of a proposed "luxury tax" on investment properties, private jets and others in the aftermath of the Japan quake, a local newspaper reported.
The Taiwan dollar TWD=TP rose by T$0.023 to T$29.551. ($1=T$29.6) (Reporting by Faith Hung)
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Thai PM calls snap election, protesters press on
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Billy Joel, Shirley MacLaine feted at Kennedy Center Honors