Taiwan stocks soar

Taiwan stocks continued their upward streak for the fourth consecutive session on Tuesday, lifted by defensive shares such as textile and cement, both up 1.5 percent. LCD panel makers AU Optronics and Innolux Corp, however, shed 1.1 percent and 1.7 percent respectively, after reports said the finance minister told the parliament that eight state-owned banks' total exposure to panel industry amounted to T$400 billion ($13.55 billion).
The minister also suggested local panel makers to work with Chinese peers to resolve the oversupply problem. The main TAIEX index gained 0.63 percent to 8,242.88 at 0330 GMT, after opening up 0.3 percent. Electronics shares firmed 0.6 percent, while banking shares climbed 0.3 percent. The Taiwan dollar was up T$0.112 to stand at T$29.468 to the US dollar.