Taiwan stocks rise on upbeat Fed; AU Optronics jumps on earnings

Thu May 1, 2014 10:14pm EDT

TAIPEI, May 2 (Reuters) - Taiwan stocks rose as much as 1
percent on Friday morning as investors cheered upbeat statements
from the U.S. Federal Reserve and turned a hopeful eye on
earnings and guidance from large industry players in the Taiwan
tech scene.
    The main TAIEX index rose 70.57 points to 8862.01 as
of 0205 GMT, beating other regional bourses. It touched a high
of 8875.90 earlier in the session.
    The market had fallen 0.9 percent in the previous session
and was closed on Thursday for the Labour Day holiday.
    On Wednesday the chairwoman of the Fed issued a rosy
assessment of the U.S. economy and announced another reduction
of bond-buying stimulus. 
    With an eye on the upcoming earnings season, investors
lifted major tech subindex optoelectrics, which climbed
1.84 percent and was led by AU Optronics Corp, which
notched a 2.19 percent gain.
    The world's No.4 flat-panel maker reported on Wednesday a
slim first-quarter profit against expectations of a net loss.
 
    This led the rise in overall electronics subindex,
which gained 1.11 percent.
    The Taiwan dollar was up T$0.083 to stand at
T$30.175 to the U.S. dollar.

 (Reporting by Michael Gold; Editing by Gopakumar Warrier)
FILED UNDER: