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Taiwan shares dip as market awaits graft verdict on presidential candidate

Taiwan shares dip as market awaits graft verdict on presidential candidate

Taiwan shares dipped slightly Wednesday as a nervous market awaited the verdict on a prosecutorial appeal of presidential candidate Ma Ying-jeou's acquittal on graft charges.
Ma, of the main opposition Nationalist Party, favors expanded commercial ties with China, and is supported by many in Taiwan's powerful business community. A court ruling on his case is expected Friday.
The Weighted Price Index of the Taiwan Stock Exchange fell 10.68 points, or 0.1 percent, to close at 8,156.39 points on slim volume.
The textile sector led the retreat, dropping 1 percent.
Early session declines contracted after the government said it would eventually allow Taiwanese and Chinese banks to set up branches on both sides of the Taiwan Strait, with the financial subindex gaining 0.4 percent.
"Taiwan's banking sector will gain a big push if the government implements the liberalization in the banking sector," said Fubon Securities trader Michael Lin.
Strong financial sector performances included Cathay Financial's, which rose 1.2 percent to close at NT$67.00.


Updated : 2021-06-21 19:24 GMT+08:00