Taiwan stocks top 9,000 point for first time in three months

Taiwan stocks ended up 1.13 percent at a near three-month closing high on Wednesday, lifted by gains in financial and semiconductor heavyweights as investors raised long positions in an increasingly optimistic environment. The main TAIEX index rose 101.11 points to 9,049.25, its highest close since February 8, with banking shares up 2.2 percent and chip stocks 1.87 percent higher.
Analysts said computer and electronics companies had been seeing a substantial increase in orders since last week and this positive sentiment would provide support to the main index. "Companies realised the impact from the Japanese earthquake was smaller than expected so they are increasing inventories again," said Fuh Hong Financial Planning vice president Kevin Lin.
UMC, the world's No 2 contract chip maker, was up 0.33 percent. It is set to report first-quarter earnings and give guidance for the June quarter after market close. The Taiwan dollar gained 0.311 percent to T$28.849. Foreign investors were net buyers of Taiwan shares for a fifth consecutive session on Tuesday, picking up T$655 million ($22.66 million).