Taiwan stocks closed up 0.64 percent on Monday, lifted by biotech plays and Mediatek, offsetting declines in Apple Inc suppliers. The main TAIEX index rose 50.64 points to 7,912.91, after opening down 0.17 percent. Electronics shares rose 0.43 percent, with Mediatek jumping 6.85 percent, the maximum allowed in a day, and having the highest turnover of the session.
Macquarie Capital said in a note to clients that share underperformance compared to other IC designers since the beginning of this year and rush orders from China are likely to be the reasons for the rise. Apple supplier Largan, however, shed another 4.39 percent after closing limit-down on Friday. It recorded a quarterly gross margin of less than 40 percent for the first time and said it did not expect business to pick up until the second quarter, according to media reports.
Banking shares climbed 0.52 percent. The Taiwan dollar was up by T$0.062 to trade at T$29.498. Foreign investors were net sellers on Friday, offloading T$3.09 billion.
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