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Friday, 7 November 2008 - Taiwan dlr ends flat, hurt by foreign share sales
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    Read more with google mobile : Taiwan dlr ends flat, hurt by foreign share sales

    Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan dlr ends flat, hurt by foreign share sales Reuters - Saturday, November 8 TAIPEI, Nov 7 - The Taiwan dollar <TWD=TP> ended nearly flat on Friday, as foreign fund inflows and local stock gains were squared off after foreign investors went on their biggest selling spree in Taiwan stocks this week. The Taiwan dollar finished at T$32.824 against the U.S. dollar from T$32.819 a day earlier, as investors largely ignored anti-China protests over the past few days during a visit by China's Taiwan negotiator Chen Yunlin. Volume on the main Taipei Forex Inc exchange was thin at $789 million, lower than $1.284 billion in the previous session. "Foreign banks sold the U.S. dollar, and a stock market rise today also helped the local currency," said a dealer at a local bank. However, the rise in the local currency was offset after foreign investors were net sellers of Taiwan shares on Friday, said the dealer. Taiwan stocks <.TWII> reversed sharp losses during the trading to close 1.03 percent higher on Friday, supported by financials and talks of closer ties with China, but were weighed down by tech shares ahead of export data later in the day. [ID:nTP250983] Although the stock market ended higher, foreign institutions sold a net T$12 billion worth of Taiwan shares -- their biggest net selling this week -- bringing their total net sales to T$480 billion since June. "Trading volume was light as the market lacked a future direction," said the dealer, adding the Taiwan dollar could be moved by global stock markets next week. In the non-deliverable forwards market, six-month NDFs widened to -0.450/-0.400 from -0.390/-0.340 in the previous session. That implies the Taiwan dollar will likely strengthen more in the next six months. Dealers said the central bank, which keeps the local currency in a managed float, sold and bought the Taiwan dollar to smoothen out wide fluctuations in the currency. Despite the day's rise, the Taiwan dollar has lost 9 percent since hitting a 10-1/2-year high in late March, largely due to fund outflows. On the smaller Cosmos exchange <COSMOS1>, the Taiwan dollar finished at T$32.816 to the U.S. dollar, from the previous close of T$32.795. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business EU leaders debate financial reform to-do listAP - 1 hour 5 minutes ago Myanmar and Bangladesh meet over sea disputeAP - 1 hour 44 minutes ago Goldman expects China share mkt to improve next yearReuters - 1 hour 45 minutes ago Dollar mostly lower in EuropeAP - 1 hour 51 minutes ago Philippines surprises with bank reserve cutReuters - 1 hour 53 minutes ago Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 US doctors tell Liu Xiang he needs surgery Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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