Taiwan stocks rose 0.76 percent on Wednesday, shrugging off weak global share markets, thanks to gains in tech plays such as contract microchip maker TSMC and computer peripherals maker Lite-On Technology.
The benchmark TAIEX ended 51.33 points higher at 6,808.50. Among the biggest movers, the electronics sub-index rose 0.98 percent and the banking and insurance sub-index edged up 0.06 percent.
Turnover was active at T$109.105 billion (US $3.4 billion), compared with T$86 billion a day earlier. "Despite a small dip during early trade, technology shares were strong today and supported the broader index," said Albert Lin, manager at Jih Sun Investment Consulting Co.
Financial shares showed little reaction to news that the Taiwan government was reviewing the pace of financial reform, which includes the consolidation of financial holding companies, in the face of public opposition to the plans.
Taiwan Vice Premier Tsai Ing-wen said on Wednesday the review of the reform plan was still going on and nothing had been finalised.
"The news on reforms in the financial sector only affected a few companies, which might be held back from being consolidated, but overall, it did not have a major impact," said Lin.
The United Daily News quoted unidentified government officials as saying the government was planning to slow the pace of consolidation, which would include a review of consolidation plans for banks including First Financial Holding and Mega Financial Holding.
Barits International Securities Vice President Alex Huang said there was some consolidation taking place in the market, but analysts were optimistic on the TAIEX, saying that the index should trend up in the next few weeks.