Taiwan stocks up

Taiwan stocks rose 0.7 percent to a one-week closing high on Monday, as investors were encouraged by gains in regional bourses and by the forecast-beating quarterly results of Apple supplier Hon Hai Precision. Hon Hai ended up 6.1 percent. Banking shares edged up 0.2 percent. Taiwan's central bank signed a long-awaited pact on a clearing system for the Chinese yuan on Friday, a step that could help its banks grab a role in the lucrative internationalisation of the yuan.
The main TAIEX index was up 53.47 points at 7,450.53, its highest closing level since late August. Hon Hai soared 6.1 percent, boosting electronics shares by 1.4 percent. The Taiwan dollar rose by T$0.082 to stand at T$29.884.