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Taiwan stocks rise; T$ at strongest level vs US$ in 2 1/2 weeks
May 22, 2017 / 4:00 AM / 5 months ago

Taiwan stocks rise; T$ at strongest level vs US$ in 2 1/2 weeks

TAIPEI, May 22 (Reuters) - Taiwan stocks rose along with other regional bourses on Monday, while the local currency jumped to a nearly three week high against the U.S. dollar amid continued foreign fund inflows.

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

The electronics subindex rose 0.5 percent, 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 percent. They are key suppliers of Apple Inc.

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

The currency has strengthened almost 8 percent 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. (Reporting by Faith Hung)

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