Taiwan stocks rise

Taiwan stocks rose for the first time in three days to close up 0.99 percent on Tuesday, as Far Eastern Textile led asset-rich firms higher on hopes that closer business ties with China after Taiwan's elections will boost their asset value.
The main TAIEX share index was up 82.23 points at 8,381.60, after posting its worst drop in almost two months on Monday. Turnover was moderate at T$127.1 billion ($4.15 billion).
Far Eastern shares shot up the daily 7-percent limit, lifting the textile sub-index 4.5 percnt higher. Grand Formosa Regent Taipei, one of Taiwan's biggest hotel chain operators, climbed 2.8 percent. TSMC, the world's biggest contract chipmaker, rose 2.0 percent, boosting the semiconductor sub-index by 1.14 percent.
TSMC posted a rise in February sales from a year ago. Taiwan's broader market inched down 0.4 percent this month, outperforming many regional rivals, on investor optimism that Taiwan ties with China will be better after the March 22 presidential election.
Cathay Financial, parent of Taiwan's top life insurer, reversed early losses to close 1.3 percent higher. Cathay reported weak February results due to currency-related losses stemming from a strong Taiwan dollar.