Taiwan Stocks Rise, Dollar Falls as Market Resumes Post Storm
(Bloomberg) -- Taiwan’s stocks advanced while its currency weakened on Friday as trading resumed following a two-day closure caused by Typhoon Krathon.
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The Taiwan Stock Exchange Weighted Index rose as much as 0.5%, with heavyweight Taiwan Semiconductor Manufacturing Co. gaining up to 1.4%. The Taiwan dollar slid more than 0.5%.
The reopening comes after Typhoon Krathon made landfall on Thursday, with heavy rain and winds forcing thousands to evacuate and leaving many without power. The market had been shut for two days due to the storm and is likely to delay cash dividend payments due to business disruptions.
The reopening comes amid significant volatility in the region’s equities market this week, driven by China’s policy shift. Asian equities rallied for much of Wednesday before erasing those gains. A gauge of regional shares slid on Friday morning.
The Taiwan dollar was largely expected to weaken against the US currency, which had strengthened given the renewed focus on the Federal Reserve’s rate cut expectations and rising geopolitical tensions.
Krathon crossed the southwest coast of Taiwan on Thursday, forcing thousands to evacuate and leaving many without power. While the capital, Taipei, has been spared the worst of the storm, heavy rains are expected to continue through Friday morning in the city and neighboring New Taipei City.
--With assistance from Miaojung Lin.
(Updates throughout)
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