Taiwan stocks rose 1.41 percent on Tuesday to a five-month closing high, as growing optimism about the global financial system boosted banking shares such as Cathay Financial and Chinatrust Financial. The main TAIEX share index ended up 70.07 points at 5,041.39, closing above 5,000 points for the first time since October 16.
Turnover was moderate at T$107.4 billion ($3.1 billion), up from T$105.8 billion a day earlier. The financial sub-index was the second-biggest winner of the sub-indexes, jumping 2.62 percent on signs the global financial system is stabilising after British bank Barclays Plc said it has had a strong start this year.
Shares of Cathay Financial, Taiwans top listed financial holding firm, rose 2.84 percent and rival Chinatrust Financial jumped by its 7 percent daily limit. Cathay share were further propped up after a newspaper said foreign investors bought its shares on Monday, ending 20 straight sessions of sell-off for the stock.
The electronics sub-index ended up 0.87 percent. Shares of smartphone vendor HTC rose 2.3 percent after reaffirming its previous target of double-digit revenue growth for this year, and saying it expects momentum to pick up from the second quarter as it pushes out new models.
Mediatek Inc, Taiwans top chip designer, rose 1.64 percent even after saying visibility in chip demand was not clear in the second half of the year. Shares of Taiwans top DRAM maker Powerchip ended limit-up after it said it sold part of its stake in its Rexchip joint venture with Japans Elpida to the Japanese company.
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