The New Taiwan dollar yesterday rose past NT$28.5 against the US dollar for the first time in two weeks, after foreign portfolio managers increased stakes in local shares, dealers said.
The local currency closed up 0.16 percent, or NT$0.047, at NT$28.486 versus the greenback in Taipei trading, with turnover of US$1.419 billion at the Taipei Foreign Exchange and Cosmos Foreign Exchange markets.
The local bourse picked up 1.02 percent, or 168.59 points, to a record 16,739.87 following the four-day Tomb Sweeping Day long weekend, due to expectations that local firms will have strong earnings, dealers said.
Photo: Chen Mei-ying, Taipei Times
Tech firms are to release their financial results for the first quarter, starting with smartphone camera lens supplier Largan Precision Co (大立光) tomorrow and DRAM maker Nanya Technology Corp (南亞科技) on Friday.
Chipmaker Taiwan Semiconductor Manufacturing Co (台積電) is to hold an investors’ conference on Thursday next week and other companies are to follow suit later this month.
Global fund inflows accounted for the upswing in the local currency, traders said, adding that the NT dollar lost some steam over the past two weeks amid corrections in technology shares worldwide.
The local currency might consolidate in the short term as global funds demonstrate a keen interest in US shares, explaining why the Dow Jones Industrial Average has repeatedly hit records recently, traders said.
Still, the NT dollar has risen NT$0.02 this year, bucking the Chinese yuan’s 0.08 percent decline, the South Korean won’s 2.97 percent fall, the Japanese yen’s 6.52 percent drop and the Singaporean dollar’s 1.42 percent decrease, central bank data showed.
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