Stocks gained, led by financial companies such as Cathay Financial Holding Co (
"Banks are ready for a good year," said Jerry Chen, who helps oversee US$640 million of Taiwanese equities as research head at First Global Investment Trust Co (
"Financial companies have muddled through a strenuous period when many lenders sacrificed profits to clean their books," Chen said.
The TAIEX gained 5.34, or 0.1 percent, to 6,269.71 yesterday. The stock market will be closed for the holiday from Jan. 19 through Jan. 26.
For the week, the index gained 0.7 percent. About six stocks rose for every five that declined. The Futures Index shed 0.2 percent to 6,285.
Cathay Financial Holding, the owner of the nation's largest life insurer, climbed NT$0.50, or 0.9 percent, to NT$57.
Shin Kong Financial, which owns the second-largest Taiwanese life insurer, gained NT$1.70, or 6.9 percent, to NT$26.50.
Some exporters such as Taiwan Semiconductor Manufacturing Co (
The NT dollar was poised for its third winning week after global investors extended purchases of the nation's stocks, raising demand for the currency.
Money managers abroad in the first 10 trading sessions this month bought a net NT$80 billion of Taiwan's shares after NT$14 billion in the previous 10 days, according to Bloomberg data. The NT dollar has gained 0.9 percent so far this year.
"The rising local currency will hurt exporters' profit margin," said Phil Chen, who manages funds worth US$46 million at Grand Cathay Securities Investment Trust Co (
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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