Taiwan stocks up, look set for 10 pct gain in 2016

31-Dec-2016 Intellasia | Reuters | 6:00 AM Print This Post

Taiwan stocks rose on Friday in the last trading day of the year, with the main index looking set to post an annual gain of just over 10 percent, outperforming most of its Asian peers.

The day’s gains came as the government said it would halve the transaction tax on day trades in local shares, in a bid to bolster thin trading in the island’s stock market.

Taiwan’s financial markets will be shut on Monday for the New Year holiday weekend. They resume trade on Tuesday.

As of 0320 GMT, the main TAIEX index was up 0.8 percent at 9,228.78 points, after closing down 0.5 percent in the previous session to ease off one-week highs.

If the gains hold by the end of trading, the main index will close out 2016 around 10.7 percent higher, recouping the 10 percent loss it suffered in 2015.

By comparison, the MSCI Asia ex-Japan index looked set for a yearly gain of 3.3 percent.

The Taiwan electronics subindex rose 0.6 percent, while the financials subindex gained 0.7 percent.

Large-capped bellwethers, key to the index’s performance, were higher.

The world’s largest contract chipmaker TSMC was up 0.3 percent, while Apple Inc supplier and electronics manufacturer Hon Hai Precision Industry was 0.7 percent ahead.

The Taiwan dollar firmed T$0.137 to T$32.175 per US dollar.



Category: Taiwan

Print This Post

Comments are closed.