TAIEX climbs higher on financial sector

Shares ended higher Friday, led by financial and technology stocks.

The TAIEX closed up 42.64 points, or 0.7 percent, at 5,917.16. Advancers outnumbered decliners 364 to 216 with 200 stocks unchanged.

Turnover totaled NT$67.74 billion (US$2 billion)

"Investors flocked into financial issues on hopes of a rally in the sector ahead of Taiwan Cooperative Bank's (合作金庫) debut," said Jose Lee, an analyst at First Taisec Securities.

The government-controlled bank is scheduled to list on the main board Wednesday. The bank's initial public offering sparked strong buying interest in other financial stocks, Lee said.

The government, which owns around 60 percent of the bank, plans to sell 20 million shares, or a barely 1 percent stake, in Taiwan Cooperative's share offering.

The financial subindex ended up 1.6 percent.

Shares in Hua Nan Financial Holding (華南金控) closed 2.6 percent higher at NT$28.10 and First Financial Holding (第一金控) gained 1.5 percent to NT$27.80.

Technology stocks were among the day's best performers, rising 0.8 percent, after their US counterparts gained overnight.

Shares in Taiwan Semiconductor Manufacturing Co (台積電), the world's biggest contract chipmaker, rose 1.5 percent to NT$47.00. United Microelectronics Corp (聯電) advanced 1.5 percent to NT$20.50.

Shares in PC firms rose after PC giant Dell reported solid quarterly earnings Thursday in the US.