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Taiwan shares surge 1.8 percent on Wall Street gains

Taiwan shares surge 1.8 percent on Wall Street gains

Taiwan shares surged Thursday as U.S. blue chips powered Wall Street to new highs.
Taiwan's key stock index rose 1.8 percent, or 122.26 points, to 6,997.24.
Easing inflation worries in U.S. more than offset political concerns at home, traders said. Companies in the Taiwan and U.S. economies maintain close contracting links, so investors often watch the United States for cues.
President Chen Shui-bian has been facing a mass protest campaign led by a former ally for the past month. The protesters want Chen to resign over allegations of corruption against his inner circle, but he insists he is innocent and will not leave office before the end of his term in 2008.
There are fears that the protest campaign will disrupt official celebrations for Taiwan's national day, Oct. 10.
Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker by revenue, rose 3.8 percent to 60.7 New Taiwan dollars.
Hon Hai Precision Industry, one of the world's top contract electronics makers, gained 3.4 percent at NT$212.
Laptop computer producer Quanta Computer soared 5.9 percent to NT$54.1.
Thursday was the final trading day in Taiwan before a five-day long holiday. Markets will reopen next Wednesday, Oct. 11.