Taiwan stocks surge

Taiwan stocks rose 0.69 percent in midmorning trading on Tuesday to a seven-and-a-half-year high, on expectations of continued support for global equities from the US Federal Reserve. As of 0154 GMT, the main TAIEX index was up 65.40 points at 9,585.70, in line with other regional bourses and Wall Street. The market had closed up 0.26 percent in the previous session.
Among major subindexes, financials surged 2 percent, led by CTBC Financial Holding Co Ltd, which rose 4.85 percent, and Mega Financial Holding Co Ltd, which gained 2.56 percent. Investors are viewing banks as relatively undervalued compared to technology stocks, which had been a favoured sector, according to Kevin Lin, founder of Taipei-based financial consultancy Caizi School. Electronics gained 0.56 percent and semiconductors saw a 0.59 percent jump. Touch-panel maker TPK Holding Co Ltd and electronics manufacturer Foxconn Technology Co Ltd rose 2.28 percent and 2.55 percent.