Taiwan stocks hit three-week high

Taiwan stocks rose 0.53 percent to a three-week closing high on Friday amid hopes foreign funds would return to emerging markets and paced by gains in Hon Hai and other suppliers to Apple's new iPad 2. "The US dollar index is declining; money may flow back to Asia," said Robert Hsieh, an assistant vice president of Shinkong Financial's fund unit.
The TAIEX index closed up 46.03 points at 8,784.40, a level not seen since February 21, with electronics shares 0.7 percent higher. Hon Hai Precision, Taiwan's top electronics gear maker, and touch panel maker Wintek were among the top three most actively traded issues by value, both rising over 3 percent.
Chimei Innolux, the world's No 3 flat panel maker, climbed 3.3 percent. The company was reportedly picked as the only Taiwanese LCD supplier for the iPad 2. Plastics stocks were the top gainer, up 1.95 percent, after oil retreated from 2-1/2 year highs on profit taking.