Taiwan Stocks Fall as Trading Resumes Following Tropical Storm
Taiwan stocks fell and the local currency strengthened after markets resumed trading today after Severe Tropical Storm Trami unleashed steady rain in northern Taiwan before heading toward southeastern China.
The Taiex index dropped 0.9 percent at 9:42 a.m. in Taipei. Work and classes in Taipei, New Taipei and in Taoyuan county resumed after being canceled yesterday, the government’s personnel administration announced on its website last night. The Taiwan dollar gained 0.4 percent against the U.S. dollar to NT$29.984.
The latest storm followed Typhoon Soulik, which last month lashed Taiwan with winds and rain, killing two and knocking out electricity to more than half a million households, according to Taiwan Power Co. Trami made landfall in China’s Fujian province early today, according to the China Meteorological Administration’s website.
Ten people were injured, according to Taiwan’s Central Emergency Operation Center’s website. About 654 millimeters (26 inches) of rain had fallen in Taipei in the last 56 hours, according to the island’s Central Weather Bureau today. With winds gusting as high as 137 kilometers (85 miles) an hour, Trami was centered 400 kilometers to the west of the Chinese southern city of Fuzhou as of 8 a.m. local time. A warning against flooding and mudslides was lifted, the bureau said in the advisory.
“Very heavy rains will continue to affect the whole western part of Taiwan so residents should be on alert,” Chen Yi-liang, a meteorologist at Taiwan’s weather bureau, said during a webcast yesterday.
Cathay Pacific Airways Ltd. will resume flights to and from Taipei after 10 a.m. and warned of weather disruptions to its Shanghai routes, the Hong Kong-based carrier said in an e-mailed statement yesterday.
A total 319 flights were canceled or delayed in Taiwan yesterday, the Civil Aeronautics Administration said in an e-mailed statement yesterday.
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