May 30, 2016 / 3:21 AM / 3 years ago

Taiwan stocks rise on bargain hunting; ASE extends gains

TAIPEI, May 30 (Reuters) - Taiwan stocks rose on Monday on bargain hunting and led by further gains in Advanced Semiconductor Engineering Inc after the top chip and test packaging company said last week it would join hands with a rival to form a new holding company.

As of 0239 GMT, the main TAIEX index rose 0.3 percent to 8,489.07, after closing up 0.8 percent in the previous session.

The electronics subindex rose 0.2 percent, while the financials subindex gained 0.7 percent.

On Thursday, ASE and Siliconware Precision Industries Co Ltd (SPIL), the island’s top two chip and test packaging companies, agreed on a memorandum of understanding to form a new holding company in the face of fierce industry competition.

Shares in ASE were 2.3 percent higher, after closing at its upper limit of 10 percent on Friday. They were suspended from trade on Thursday pending the announcement.

SPIL shares were up 0.2 percent.

The Taiwan dollar softened T$0.082 to T$32.610 per U.S. dollar.

Reporting by J.R. Wu; Editing by Biju Dwarakanath

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