TAIPEI: Taiwan stocks gained over 2 percent in early trading on Friday, joining a global rally in the wake of a deal on Europe's debt problems.
Gains were led by banking shares and TSMC , which rose 2.36 percent even after reporting a third-quarter profit that missed forecasts.
Analysts expected financial shares would maintain their momentum in the near future, after suffering harsher corrections than other sectors on the debt woes in the Euro zone.
As of 0138 GMT, the financial sub-index was the second biggest gainer, rising 2.98 percent. Media reports said Taiwan and China's regulators agreed to speed up the process for Taiwanese banks in China to conduct yuan business and upgrade their representative offices.
"At the current level we see a lot of profit-taking and loss-cutting, so the index is likely to be rangebound next week. But since Taiwan shares have underperformed other markets, they may advance higher after a consolidation," said Robert Hsieh, a vice president at Shinkong Investment Trust.
The main TAIEX index was up 1.65 percent, or 125.20 points at 7,690.41.
Electronics shares edged up 1.25 percent, with LCD makers AU Optronics limit-up and Chimei Innolux jumping 5.42 percent.
Apple touch panel supplier TPK Holding slipped 4.13 percent despite posting record earnings per share in the third quarter.
PC maker Inventec shed 6.11 percent after announcing it would cut 432 jobs, accounting for 40 percent of its tablet PC team.
The Taiwan dollar was up 0.68 percent to trade at T$29.909.
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