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Taiwan shares rise 1.2 percent following record highs in Hong Kong

Taiwan shares rise 1.2 percent following record highs in Hong Kong

Taiwan shares ended 2006 by rising to a six-year high Friday following the previous day's record in Hong Kong.
The Weighted Price Index of the Taiwan Stock Exchange gained 90.79 points, or 1.2 percent, to 7,823.72, its highest closing level since finishing at 7,845.87 on Aug. 28, 2000.
The market gained 19 percent since the beginning of 2006.
Analysts attributed Taiwan's strength to the Hong Kong blue chip Hang Seng Index reaching 20,001.91 Thursday _ the first time the index has risen above the 20,000 level.
"The Hang Seng breaking above 20,000 points boosts Taiwan's China plays," said Li Fang-kuo, head of industry research at SinoPac Holdings, referring to firms that benefit from demand in China.
Taiwanese companies with units listed in Hong Kong were among the best performers.
Wei-Chuan Foods surged 6.9 percent to 23.15 New Taiwan dollars, while footwear maker Pou Chen gained 4.4 percent at NT$37.
United Microelectronics Corp., the world's second-biggest contract chipmaker by revenue, rose 0.5 percent to NT$20.25.
AU Optronics, the world's third-largest maker of liquid-crystal display panels by revenue, advanced 1.1 percent at NT$45.3.


Updated : 2021-08-03 06:51 GMT+08:00