Taiwan stocks rose 0.4 percent on Monday, with financial shares higher as the sector rebounded from a correction last week and received support from a view that interest rates would continue to rise. TSMC, the world's top contract chip maker, climbed 2.34 percent. Shortly after the market close, TSMC reported its December sales figures.
Largan and Gensis, suppliers of camera lenses used in Apple's iPhones, ended up 4.7 percent and 7 percent, respectively, as investors continued to bet on growing demand for the popular phones.
The main TAIEX index closed up 35.16 points at 8,817.88, with financial stocks rising 1.13 percent and electronics shares 0.36 percent higher. Despite today's gains, the broader market may see a range trading of 8,550 - 9,000 points into late this month as its technical correction has yet to run its course, some fund managers said. "Every piece of positive news has almost been factored into the stock market," said Chang Chi-sheng, a fund manager of Uni-President Asset Management.
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