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Taiwan: Stocks rise; NT$ at strongest level vs US$ in 2-1/2 weeks

Monday, May 22, 2017 - 12:06

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[TAIPEI] Taiwan stocks rose along with other regional bourses on Monday, while the local currency jumped to a nearly three week high against the US dollar amid continued foreign fund inflows.

As of 0223 GMT, the main Taiex index rose 0.3 per cent to 9,975.81 points, after closing at 9,947.62 points in the previous session.

The electronics subindex rose 0.5 per cent, while the financials subindex was unchanged.

Among the most actively traded, Taiwan Semiconductor Manufacturing Co (TSMC) and Hon Hai Precision Industry both gained more than 0.2 per cent. They are key suppliers of Apple Inc.

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The Taiwan dollar firmed NT$0.193 to NT$30.017 per US dollar after touching NT$29.965 earlier in the session, an intra-day level not seen in two-and-a-half weeks.

The currency has strengthened almost 8 per cent so far this year, trailing only the South Korean won in major 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 Trump administration.

REUTERS

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