Taiwan stocks jump

Taiwan stocks rose 0.7 percent on Thursday, with Cathay Financial leading banks higher after a strong earnings report. The world's top contract chip maker TSMC rose 1 percent. TSMC, Taiwan's most heavily-weighted stock, will release its June sales numbers after the market close later in the day. As of 0130 GMT, the main TAIEX index had climbed to 9,553.83 points, recocvering from a 0.4 percent slide in the pror session. The electronics sub-index advanced 0.8 percent.
Cathay, parent of Taiwan's No 1 financial holding firm, jumped 2 percent, boosting the banking sub-index by 0.7 percent. It posted a profit of T$30.6 billion ($1 billion) for January to June, more than its 14 local rivals.