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Wall Street rally boosts Taiex, closing up 2.44%

Wall Street rally boosts Taiex, closing up 2.44%

Taiwan share prices closed up 2.44 percent yesterday encouraged by Wall Street's rally on Friday, dealers said.
The weighted index closed up 194.04 points at 8,135.48 on turnover of NT$81.94 billion (US$2.52 billion).
Risers led decliners 1,557 to 432, with 443 stocks unchanged.
A total of 58 stocks closed limit-up, while 44 were limit-down.
The food sector was up 5.44 percent, cement added 3.91 percent, electronics advanced 2.91 percent and financials rose 2.10 percent.
Investors were also cheered by news that the Labor Pension Fund's supervisory committee has assigned 12 institutions to manage 30 billion dollars of agency funds destined for investment in local stocks, dealers said.
Samson Chueh, an assistant vice president at Yuanta Core Pacific Capital Management, said international market strength convinced investors to continue hunting for bargains here.
"Taipei stocks were first boosted by the New York rally then by firmer regional markets in Asia Pacific."
Expectations of support from government-related funds and eased margin call pressure also allowed the domestic market to recover further.
However, Chueh said political uncertainty could lead to volatility before this Friday's expected High Court ruling in the corruption trial of Ma Ying-jeou, the candidate of the main opposition Kuomintang in the March presidential election.
Taiwan Semiconductor Manufacturing Co. added NT$0.20 to NT$59.20 and United Microelectronics Corp. gained NT$0.35 to NT$19.90.
Mediatek Inc. gained 5.9 percent to close at NT$428 after a report said its shipments will increase 8 percent in the first quarter from the current period.
Mediatek may ship 65 million handset chips in the first quarter, media reports said, adding that the increase will be driven by a decline in chip inventories at Mediatek's customers in China.
AU Optronics rose NT$1.40 to NT$58.50.
Shin Kong Financial Holding added NT$0.85 to NT$23.05.
Realtek Semiconductor rose NT$6.50 to NT$99.50, ITE Technology added NT$5.50 to NT$84.50 and Anpec Electronics rose NT$3.60 to NT$56.20. All three were limit-up.
Formosa Plastics rose NT$1.10 to NT$89, Uni-President Enterprises was limit-up NT$2.50 at NT$38.55 and Asia Cement added NT$2.15 to NT$44.
Shin Kong Financial Holding added NT$0.85 to NT$23.05.