Taiwan stocks, currency rise on mainland hopes

Taiwan’s currency and benchmark stock index rose significantly on hopes that President-elect Ma Ying-jeou will improve the economy through better ties with mainland China, the Wall Street Journal reported. New Taiwan Dollars closed at 30.229 to the US dollar Monday, the highest rate in a decade. Currency trading also recorded a historic high of US$5 billion. Taiwan’s benchmark Taiex share index rose 4% to 8,865.35. Shares of tourism companies rose the most, with the tourism subindex rising 6.8%. Ma had promised to triple the number of mainland visitors to Taiwan to 3,000 people a day, up from the current quota of 1,000 people a day. Ma, of the Kuomintang, defeated Democratic Progressive Party candidate Frank Hsieh on Saturday with 58.5% of the vote.