Taipei shares open higher on hopes of fund inflow amid currency strength |
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Fri, 26 Oct 2007 02:19
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TAIPEI (XFN-ASIA) - Share prices opened higher, extending yesterday's upturn, on expectations that the Taiwan dollar's strength will lead to more capital inflows into the local bourse, dealers said.Microsoft's rally in US after-hours trading overnight, triggered by better-than-expected fiscal first-quarter earnings from the software giant, also provided a boost to local bellwether technology stocks, they said.At 9.09 am, the weighted index was up 57.75 points or 0.60 pct at 9,626.01, after opening up 69.23 points at 9,637.49.Turnover was at 14.62 bln twd.The Taiwan dollar was trading at 32.475 to the US dollar, up from the previous close of 32.499.The electronics sector was up 0.66 pct at 402.24 points.TSMC was up 0.20 twd at 61.30, underpinned by its guidance for the fourth quarter of the year and for 2008.Although TSMC reported weaker-than-expected earnings for the third quarter, its American depositary receipts gained overnight, bucking a sharp drop of the Philadelphia Semiconductor Index.(1 usd = 32.50 twd)philip.wang@afxasia.comxfnpw/xfnrcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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