TAIPEI, Nov 24 (Reuters) - Taiwan stocks edged up 0.31
percent on Tuesday following a rebound on Wall Street and the
island's upbeat export orders in October, while solar shares such
as Gintech led technology shares higher.
As of 0200 GMT, the main TAIEX share index climbed
24.05 points to 7,711.20, rebounding further from a one
week closing low on Friday.
Taiwan's export orders in October rose from a year earlier for the first time in 13 months, suggesting demand for Asian exports maintained a healthy recovery in the fourth quarter and that global trade was on the mend.
'Export orders improved as the economy gradually comes out of the economic downturn, but stock prices more than doubled from the pre-crisis level,' Alex Huang, a research director at Mega International Securities Co.
Solar-related shares such as Gintech and Neo Solar Power raced up to their 7 percent daily limits, pushing the electronic sub-index 0.23 percent higher.
The optoelectronics sub-index was one of the top gainers, rising 1.12 percent, with Chi Mei Optoelectronics jumping nearly 1 percent. Rival AU Optronics edged up 0.16 percent.
Quanta rose 0.15 percent after a newspaper reported that it has received new orders from Hewlett-Packard, and could ship more than 50 million PCs in 2010.
HP's quarterly earnings rose 14 percent, helped by a strong performance in China and improved profit margins in its services business. The results were in line with what the company pre-announced two weeks ago.
Electronics parts giant Hon Hai, one of Hewlett-Packard's largest component suppliers, opened the session up 0.72 percent, but gave up early gains to trade flat.
Construction shares outperformed, with Kingdom Construction rising 1.74 percent.
'Blue-chip stocks and construction shares have been lagging the main board's gain, and they are catching up now,' added Huang.
Commodity-related shares also gained on hopes of rising product prices. Cheng Shin Rubber rose 0.27 percent after a local newspaper reported that Cheng Shin will spend T$12 billion ($372 million) to build a new tyre manufacturing facility in Taiwan, with production likely to begin in June 2011.
(Reporting by Joan Hsu; Editing by Ken Wills) ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China...... OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks........... Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Taiwan dollar LME price overview TAIWAN MARKET: Taiwan equity mkt TAIEX Other indices TAISDAQ TAIMEX Taiwan index futures MSCI Taiwan index SIMEX Taiwan index futures FTSE TW50 index Keywords: MARKETS TAIWAN STOCKS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
As of 0200 GMT, the main TAIEX share index climbed
24.05 points to 7,711.20, rebounding further from a one
week closing low on Friday.
Taiwan's export orders in October rose from a year earlier for the first time in 13 months, suggesting demand for Asian exports maintained a healthy recovery in the fourth quarter and that global trade was on the mend.
'Export orders improved as the economy gradually comes out of the economic downturn, but stock prices more than doubled from the pre-crisis level,' Alex Huang, a research director at Mega International Securities Co.
Solar-related shares such as Gintech and Neo Solar Power raced up to their 7 percent daily limits, pushing the electronic sub-index 0.23 percent higher.
The optoelectronics sub-index was one of the top gainers, rising 1.12 percent, with Chi Mei Optoelectronics jumping nearly 1 percent. Rival AU Optronics edged up 0.16 percent.
Quanta rose 0.15 percent after a newspaper reported that it has received new orders from Hewlett-Packard, and could ship more than 50 million PCs in 2010.
HP's quarterly earnings rose 14 percent, helped by a strong performance in China and improved profit margins in its services business. The results were in line with what the company pre-announced two weeks ago.
Electronics parts giant Hon Hai, one of Hewlett-Packard's largest component suppliers, opened the session up 0.72 percent, but gave up early gains to trade flat.
Construction shares outperformed, with Kingdom Construction rising 1.74 percent.
'Blue-chip stocks and construction shares have been lagging the main board's gain, and they are catching up now,' added Huang.
Commodity-related shares also gained on hopes of rising product prices. Cheng Shin Rubber rose 0.27 percent after a local newspaper reported that Cheng Shin will spend T$12 billion ($372 million) to build a new tyre manufacturing facility in Taiwan, with production likely to begin in June 2011.
(Reporting by Joan Hsu; Editing by Ken Wills) ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan........ S.Korea.... S.E. Asia............ Hong Kong... Taiwan..... Australia/NZ......... India....... China...... OTHER MARKETS: Wall Street........... Gold......... Currency.. Eurostocks........... Oil........... JP bonds... ADR Report.......... LME metals.. US bonds... Stocks News US... Stocks News Europe... DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Taiwan diary Wall Street Week Ahead Eurostocks Week Ahead World forecasts TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Taiwan dollar LME price overview TAIWAN MARKET: Taiwan equity mkt TAIEX Other indices TAISDAQ TAIMEX Taiwan index futures MSCI Taiwan index SIMEX Taiwan index futures FTSE TW50 index Keywords: MARKETS TAIWAN STOCKS/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.