TAIPEI: Taiwan stocks extended gains to more than 2 percent by mid-session on Friday, joining regional bourses in a rebound on hopes Greece will abandon a proposed referendum over a euro-zone bailout and after the European Central Bank cut interest rates by a quarter point in a surprise move.
Fund managers expected some pressure from profit-taking next week, as the main TAIEX index has recovered 12 percent from its previous low amid a macro environment that is overshadowed by a bleak outlook.
"The economy still looks bleak into the first quarter next year. The index will likely range trade between 7,400-7,700 next week," said Michael On, a managing director of Beyond Asset Management.
By 0139 GMT, the TAIEX index rose 2.13 percent, or 158.83 points to 7,619.14, after opening up 1.63 percent.
LCD makers were the top gainers, with Chimei Innolux and AU Optronics surging 6.64 percent and 6.43 percent, respectively.
Financial shares , which had been the hardest hit in the previous session, were also among the biggest gainers, up 2.86 percent.
The electronics sub-index advanced 2.18 percent. Smartphone maker HTC gained 2.88 percent. The company moved up one spot to No.4 in global smartphone sales in Q3, research firm IDC said.
The Taiwan dollar was up 0.72 percent to trade at T$30.003.
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