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Taiwan stocks edge up in cautious trade; financials rise
December 13, 2016 / 4:20 AM / in 10 months

Taiwan stocks edge up in cautious trade; financials rise

TAIPEI, Dec 13 (Reuters) - Taiwan stocks rose on Tuesday in cautious trade, as investors await the U.S. Federal Reserve’s meeting later this week, and paced by gains in financial heavyweights such as Cathay Financial Holding.

As of 0356 GMT, the main TAIEX index was up 0.1 percent at 9,360.88 points, after closing lower at 9,349.94 points in the previous session.

The electronics subindex rose as much as 0.4 percent while the financials subindex gained up to 0.6 percent.

Cathay, the parent company of Taiwan’s biggest life insurer, climbed as much as 0.7 percent. Rival firm Fubon Financial Holding Co Ltd rose as much as 1.8 percent.

The Taiwan dollar firmed T$0.076 to T$31.788 per U.S. dollar.

Asian shares were on tenterhooks on Tuesday as investors awaited the Fed’s meeting that begins later in session for clues on the outlook for U.S. monetary policy, while crude oil prices pulled back after their surge to 18-month highs.

Reporting by Faith Hung; Editing by Sherry Jacob-Phillips

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