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Taiwan: Stocks hit two-week high

Wednesday, November 23, 2016 - 10:31

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[TAIPEI] Taiwan stocks hit a two-week high on Wednesday, tracking overseas markets, while shares in troubled TransAsia Airways Corp fell limit down after the carrier said it was shutting operations.

As of 0150 GMT, the main Taiex index was up 0.4 per cent at 9,171.14. The index closed up just over one per cent in the previous session.

Trading for TransAsia was suspended on Tuesday as the company's board decided on "winding down" operations and suspending all flights, after failing to recover from two plane crashes in almost three years.

No buyers were seen in the first five minutes of trade, before the first trade took place at NT$4.68, limit down 10 per cent from its Monday close of NT$5.20.

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However, the broader market shrugged off investor concerns over TransAsia Airways.

The transportation subindex climbed 0.2 per cent.

The electronics subindex rose 0.6 per cent, while the financials subindex gained 0.1 per cent.

The Taiwan dollar firmed NT$0.065 to NT$31.880 per US dollar.

REUTERS

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