TAIPEI, April 5 Taiwan stocks rose on Wednesday
lifted by the 8 percent surge in shares of Hon Hai Precision
, the world's largest contract electronics maker and a
key Apple Inc supplier.
As of 0150 GMT, the main TAIEX index rose 1.1
percent, to 9,915.13 points, after closing down 0.4 percent on
Friday. Taiwan's financial markets where shut Monday and Tuesday
for public holidays.
The electronics subindex rose 1.6 percent, while the
financials subindex gained 0.2 percent.
Shares in Hon Hai, which goes by the trade name of Foxconn,
were up 8 percent, after posting a surprising 30 percent rise in
net profit for the fourth quarter of last year, defying
expectations for a decline.
Hon Hai's strong profit gain came mainly due to solid
bookings for the bigger-sized iPhone 7 Plus models, analysts
The next iPhone iteration, iPhone 8, due for launch later
this year, will benefit Hon Hai this year, Yuanta Investment
Consulting said. It set Hon Hai's share 12-month target price at
T$108, implying a more than 10 percent upside compared to around
The Taiwan dollar softened T$0.045 to T$30.381 per
(Reporting by J.R. Wu; Editing by Randy Fabi)