Shares in Taiwan extended gains yesterday for the seventh consecutive session following a strong showing in the US and European markets at the end of last week and a rising New Taiwan dollar, dealers said.
Taiwan shares ended slightly higher after climbing to a four-month high of 8,700, led by old economy stocks, while electronics issues faced selling pressure.
The Taiwan Stock Exchange’s main index closed up 16 points, or 0.19 percent, at 8,659.55 yesterday, on turnover of NT$96.99 billion (US$2.94 billion).
Old economy stocks, including Taiwan Glass Industry Co (台玻), TSRC Corp (台橡), China Steel Corp (中鋼), Taiwan Cement Corp (台泥) and Asian Cement Corp (亞泥), posted gains and the financial sector continued to steam higher on bargain hunting.
Bucking the downward trend in the bellwether electronics sector, HTC Corp (宏達電) gained 10 percent, the maximum daily increase, for the second consecutive session to close at NT$99, after the company reported strong preorder sales of its virtual reality headset, the HTC Vive, and robust revenue from its wearable devices.
The NT dollar strengthened for a sixth day, the longest run in almost a year, as the central bank appeared more tolerant of gains amid stock inflows and a rally in emerging-market assets.
The currency closed up 0.3 percent at NT$33.010 against the US dollar after touching a three-month high of NT$32.690, according to prices from Taipei Forex Inc. The NT dollar advanced 1.2 percent last week, the most since September 2012.
Foreign funds pumped US$182 million into Taiwanese shares yesterday, taking inflows this month to US$1.2 billion, as US data showing an increase in nonfarm payrolls were offset by a drop in wages and supported speculation the US Federal Reserve would go slowly in raising interest rates.
Taiwan’s central bank, which routinely intervenes to weaken its currency, allowed the gains last week as the won rallied 2.8 percent. Taiwan’s exporters compete with South Korean exporters to sell automobiles and electronics.
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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