Taiwan stocks gain 12.2 percent in first quarter

Taiwan stocks ended up 0.77 percent on Friday, marking a 12.2 percent rise in the first quarter, as fund managers bought to square up portfolios in the last session of the quarter, offsetting selling pressure on worries over government talks on a possible tax on stock profits.
The first quarter outperformed a 2.1 percent fall in the previous quarter and a 3.22 percent decline in the same quarter a year earlier. For 2011 as a whole the market lost 21.1 percent. Electronics shares soared over 15 percent in the first quarter, while banking shares gained over 4 percent. On Friday, the main TAIEX index rose 60.34 points to 7,933.00, after opening down 1.29. The Taiwan dollar was up by T$0.032 to trade at T$29.550. Foreign investors were net buyers on Thursday, bringing their total selling to T$33.9 billion this month.