April 1, 2014 / 3:05 AM / in 4 years

Taiwan stocks up; led by electronics

TAIPEI, April 1 (Reuters) - Taiwan stocks rose to their highest since June 2011 on Tuesday, led by electronics stocks on mildly positive manufacturing data from China and gains in U.S. stocks overnight.

The main TAIEX index was up 3 points at 8,852.7 as of 0219 GMT.

China’s official Purchasing Managers’ Index rose in March, helping ease some fears of a sharper manufacturing contraction in the world’s second-largest economy.

Shares across Asia were also supported after Federal Reserve chair Janet Yellen reinforced the need for “extraordinary” commitment to support the U.S. economy, seemingly tempering expectations of a sooner-than-expected start to the rate-hike cycle.

Taiwan electronics and semiconductors both saw gains, up 0.2 and 0.69 percent respectively. Largan Precision led the rally with a 2.78 percent gain, while bellwether Taiwan Semiconductor Manufacturing Co was up 0.5 percent.

Banks and insurance holdings fell 0.07 percent.

The Taiwan dollar was down T$0.091 at T$30.419 to the U.S. dollar. (Reporting by James Pomfret; Editing by Subhranshu Sahu)

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