Taiwan stocks rose 0.7 percent on Monday, joining some regional bourses in gains as investors bought into land asset plays on hopes a rising local currency will boost their asset values. At about two hours into trade, the main TAIEX index had jumped to 8,405.05, hovering at more than two-year closing high levels hit earlier this month. Among the biggest winners, Taiwan Tea Corp rose 2.3 percent and Tainan Spinning shot up 4 percent. Both of them have massive land assets.
The Taiwan dollar edged up by 0.19 percent to stand at T$29.399 to the US dollar. The electronics and financial sub-indexes were up 1 percent and 0.7 percent, respectively. However, touch panel maker TPK Holding shed 2.7 percent. The fourth-quarter outlooks of TPK and other local panel makers are expected to be bearish due to a massive fall in product prices in the third quarter, a local newspaper reported.
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