April 8, 2016 / 3:11 AM / 3 years ago

Taiwan stocks up in tentative bargain hunting, but trading cautious

TAIPEI, April 8 (Reuters) - Taiwan stocks rose on Friday on tentative bargain hunting, led by gains in tech and semiconductor shares, snapping a three-session fall.

The gains should be short-lived as they defied the weakness seen in overseas markets and ahead of first-quarter trade data, traders said.

As of 0252 GMT, the main TAIEX index rose 0.2 percent, to 8,507.46 points, after closing down 0.3 percent in the previous session.

The financials subindex lost 0.5 percent, but the electronics subindex gained 0.5 percent.

The semiconductor subindex rose a greater 1.1 percent, led by the world’s largest contract chipmaker and heavy weight share TSMC, which was up nearly 2 percent.

TSMC is due to issue its March sales later in the day after the market closes. The first two months of this year recorded sales which were down nearly 13 percent from previous year.

On Monday, Taiwan will report its exports data for March. Exports last month likely fell for the 14th month but narrowed its decline, according to a Reuters poll. The government has forecast the export-reliant economy to contract in the first quarter from a year ago.

The Taiwan dollar softened T$0.058 to T$32.460 per U.S. dollar. (Reporting by J.R. Wu; Editing by Sherry Jacob-Phillips)

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