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Taiwan stocks rise after 2-day typhoon break; rate meeting awaited
September 29, 2016 / 2:42 AM / a year ago

Taiwan stocks rise after 2-day typhoon break; rate meeting awaited

TAIPEI, Sept 29 (Reuters) - Taiwan stocks rose on Thursday on resumption of trading after a two-session break due to a typhoon, as gains in overseas markets boosted investor sentiment.

Investors waited for the central bank’s quarterly policy meeting scheduled after market hours later in the day for clues about the domestic economy.

The central bank is expected to refrain from cutting rates for the first time in a year as it expects economic prospects to improve for the trade-dependent economy, according to a Reuters poll.

But uncertainties in global demand and growth momentum are expected to keep Taiwan’s monetary policy loose, economists said.

The main TAIEX index was up 0.9 percent at 9,273.87 after closing down nearly 1 percent on Monday.

Taiwan’s financial markets were shut on Tuesday and Wednesday. Typhoon Megi, the third typhoon in this month to slam into Taiwan, killed four people and injured hundreds more, prompting work and school closures.

The electronics subindex rose 1.2 percent, while the financials subindex gained 0.6 percent.

Among actively traded stocks, Mega Financial rose after opening lower on the latest developments in an ongoing probe of its banking unit.

On Wednesday, the Taiwan state-controlled firm said overseas branches of its banking unit were coming under greater scrutiny by regulators abroad following critical lapses involving suspect transactions between its New York and Panama branches.

The Taiwan dollar firmed T$0.147 to T$31.285 per U.S. dollar. (Reporting by J.R. Wu; Editing by Subhranshu Sahu)

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