Taiwan stocks rise; TPK jumps on order diversification reports
TAIPEI, Jan 20 (Reuters) - Taiwan stocks firmed on Monday, with electronics shares gaining 0.4 percent, led by touch panel maker TPK Holding after reports that it is diversifying from Apple Inc by receiving more orders from Japanese and Korean companies. The main TAIEX index rose 0.3 percent, or 22.82 points to 8,618.82 at 0234 GMT, after opening flat. TPK jumped 6 percent and was the biggest turnover stock by mid-session. Struggling computer company Acer Inc shed 3.7 percent to T$18.3, narrowing from a 4.7 percent loss at the opening bell, after posting a greater-than-expected net loss of T$7.6 billion ($254 million) on Friday. "The market has reined-in expectations on Acer because of its continued poor performance: The stock should bottom at T$16 to T$17 with investors eyeing the result of the company's new products and cost-cutting measures," said Tom Tang, a vice president of Masterlink Investment Advisory. Fubon Securities analyst Arthur Liao on Monday cut his forecast on Acer's 2014 notebook PC shipments by 8.2 percent to 15.7 million to reflect an expected industry decline of 11 percent this year. The Taiwan dollar was up T$0.127 to stand at T$30.094 to the U.S. dollar.
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