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Taiwan stocks hit near three-week high; tech, financials lead
November 28, 2016 / 3:36 AM / a year ago

Taiwan stocks hit near three-week high; tech, financials lead

TAIPEI, Nov 28 (Reuters) - Taiwan stocks rose to a near three-week high on Monday as Wall Street’s record-closing highs bolstered market sentiment, paced by gains in techs and financial shares.

Wall Street’s three main indexes closed at record highs on Friday, helped by gains in consumer staples and technology stocks as investors hunted for bargains in a post-election rally.

As of 0319 GMT, the main TAIEX index was up 0.8 percent at 9,231.43, its highest since Nov. 9.

The electronics subindex climbed as much as 0.9 percent, while the financials subindex gained as much as 1.3 percent.

Taiwan Semiconductor Manufacturing Co (TSMC), the world’s biggest contract chip maker, was up as much as 1.1 percent.

TSMC and many other Taiwanese tech companies rely on the U.S. and Chinese markets for their exports.

State-run Mega Financial Holding Co Ltd gained up to 0.65 percent.

The Taiwan dollar firmed T$0.13 to T$31.812 per U.S. dollar. (Reporting by Faith Hung; Editing by Sherry Jacob-Phillips)

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