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Taiwan shares rise, led by food, cement gains

Taiwan shares rise, led by food, cement gains

Taiwan shares rose Tuesday for the third-consecutive session led by food and cement gains.
The Weighted Price Index of the Taiwan Stock Exchange rose 31.59 points, or 0.4 percent, to close at 8167.07 points.
The food sector rose 3.9 percent amid expectations that agricultural product prices could rise further in 2008. Uni-President Enterprises rose 3.5 percent to NT$39.90.
Cement subindex gained 3 percent on year-end window dressing. Taiwan Cement went up 2.9 percent to NT$46.15.
"The market is expected to rally further as concerns over the U.S. economy next year eased a bit, given recent economic data," said Fubon Securities trader Edward Lien. The index may test the 8,200 psychological level on Wednesday, he added.
Volume remained light Tuesday, partly due to uncertainties ahead of Friday's court verdict of opposition Nationalist presidential candidate Ma Ying-jeou's corruption case, traders said.
If Ma is cleared in the case, it could spark a new wave of buying, they said.