Taiwan stocks edged up 0.3 percent on Monday in cautious trading, as Taiwan Semiconductor Manufacturing Co (TSMC) led chipmakers higher after the world's top contract chipmaker posted forecast-beating quarterly results. The main TAIEX index rose 25.72 points to 8,117.75, with TSMC up 0.6 percent and the semiconductor sub-index 0.5 percent higher.
"TSMC's Q1 earnings were among the results of many firms that have fanned hopes of upside potential in their stocks," said Andrew Wang, chief investment officer of Manulife's Taiwan fund unit. "These results pointed to a sustained recovery of the global economy." Taiwan's main index was expected to trade at a tight range of 8,000 to 8,200 points this week amid concern a stronger Chinese yuan and the Taiwan dollar could hit the island's technology exporters, Wang said.
Compal, the world's No 2 contract laptop maker, fell 1.1 percent, and netbook PC pioneer Asustek was off 0.5 percent. Cathay Financial Holding, Taiwan's top financial holding firm, sank 1.1 percent. The company on Friday posted a T$1.3 billion net loss for the first quarter versus a T$5 billion net profit a year earlier, raising concerns it might have a tough year ahead.
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