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Taiwan stocks rise for third session; techs, financials jump
May 24, 2017 / 1:42 AM / 7 months ago

Taiwan stocks rise for third session; techs, financials jump

TAIPEI, May 24 (Reuters) - 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 percent at 10,042.10, after closing 0.1 percent higher at 10,007.84 in the previous session.

The electronics subindex rose 0.2 percent, while the financials subindex gained 0.2 percent.

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 percent.

Their life insurance units and other local rivals posted a combined forex loss of T$83.7 billion ($2.8 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 T$0.019 to T$30.185 per U.S. dollar.

The Taiwan dollar has strengthened almost 8 percent 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. (Reporting by Faith Hung; Editing by Subhranshu Sahu)

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