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Taiwan stocks flat; Hon Hai, TSMC edge up
April 11, 2017 / 1:47 AM / 5 months ago

Taiwan stocks flat; Hon Hai, TSMC edge up

TAIPEI, April 11 (Reuters) - Taiwan stocks were flat on Tuesday, with Hon Hai Precision Industry gaining after posting first-quarter sales growth and following a report that it has joined the fray to bid for Toshiba Corp’s chip business.

The main TAIEX index was little changed at 9,879.65 points as of 0110 GMT, after closing at 9,882.54 in the previous session.

The electronics subindex edged down 0.1 percent, while the financials subindex lost 0.2 percent.

Hon Hai, a major supplier to Apple Inc, rose as much as 1.1 percent, after Bloomberg reported on Monday that it may pay as much as $27 billion Toshiba’s chip unit.

South Korea’s SK Hynix Inc and chipmaker Broadcom Ltd have submitted preliminary bids for the business, valued at $17.98 billion or more, according to the report.

The world’s top contract chip maker Taiwan Semiconductor Manufacturing Co (TSMC) rose as much as 0.5 percent after reporting on Monday a 14.9 percent growth in first-quarter sales. Hon Hai’s first-quarter sales grew 2 percent.

The Taiwan dollar softened T$0.038 to T$30.690 per U.S. dollar. (Reporting by Faith Hung; Editing by Amrutha Gayathri)

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