Taiwan: Stocks rise for third session; techs, financials jump

[TAIPEI] Taiwan stocks rose for a third straight session on Wednesday, joining other markets in the region, with tech and financial heavyweights leading the way.

As of 0123 GMT, the main TAIEX index was up 0.3 per cent at 10,042.10, after closing 0.1 per cent higher at 10,007.84 in the previous session.

The electronics subindex rose 0.2 per cent, while the financials subindex gained 0.2 per cent.

Among the most actively traded stocks, Cathay Financial Holding and Fubon Financial Holding, parent companies of Taiwan's two biggest life insurers, both jumped about 0.2 per cent.

Their life insurance units and other local rivals posted a combined forex loss of NT$83.7 billion (S$3.9 billion) in the first four months of the year, as gains in the Taiwan dollar hurt their overseas investment portfolios, according to local media.

The Taiwan dollar softened NT$0.019 to NT$30.185 per US dollar.

The Taiwan dollar has strengthened almost 8 per cent so far this year, trailing only the South Korean won in major Asian markets.

Taiwan's central bank has refrained from weakening the currency through market intervention, a precaution against the possibility of being labelled a currency manipulator by the United States.

REUTERS