Taiwan stocks at 41-month high on banks, techs
Thursday February 26, 11:24 AM
TAIPEI, Feb 26 (Reuters) - Taiwan stocks rose in late morning trade on Thursday to an intraday high not seen in nearly 41 months as heavily weighted technology shares like TSMC tracked U.S. peers higher.
The TAIEX share index was up 0.88 percent at 6,702.64 about two hours into trade, extending a 0.84 percent rebound on Wednesday that reversed a brief consolidation period after hitting a more than 40-month high last week.
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Taiwan Semiconductor Manufacturing Co (TSMC), the world's largest contract microchip maker, rose 2.44 percent to T$63.0, tracking a 1.82 percent rise in the Philadelphia semiconductor index .
The financial subindex , second only to techs in weightings, rose 0.6 percent as bank shares rose on improved profitability and expected mergers this year.
Cathay Financial Holding , the island's largest financial group, rose 2.4 percent to T$64.0, while rival Shin Kong Financial Holding gained 2.0 percent to T$30.60.
The Nasdaq rebounded 0.87 percent on Wednesday and the Dow Jones gained 0.33 percent, ending a five-day losing streak, as investors welcomed strong earnings from computer products supplier Ingram Micro Inc . (US$1 = T$33.3) |
