Taiwan stocks up; department stores and banks gain

TAIPEI: Taiwan stocks opened 0.55 percent higher on Friday, lifted by department store counters ahead of China's long holiday next week and by banking shares after the central bank decided to hold its benchmark interest rate.

The main TAIEX index rose 39.55 points to 7,222.16, after ending up 0.5 percent in the previous session.

The department store sub-index gained 1.63 percent, while banking shares up 1.43 percent.

Electronics shares climbed 0.8 percent, with TPK Holding rising 1.96 percent after report that the touch panel maker sees sales returning July's level this month and will continue to rise in the fourth quarter.

Taiwan stocks will fall by end-December to their lowest level since the depth of the global financial crisis and then slump further in 2012, a Reuters poll found.

The Taiwan dollar softened 0.15 percent to trade at T$30.484. Foreign investors were net buyers on Thursday, picking up T$2.032 billion.