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Taiwan stocks rise as Ma cleared of corruption charges

Taiwan stocks rise as Ma cleared of corruption charges

Taiwan's stocks rose after the leading candidate in next year's presidential election was cleared of fraud and corruption charges, enabling him to run for office and easing political uncertainty.
Farglory Land Development Co. and Formosa International Hotels Corp. paced advances among companies that provide products and services for domestic consumers.
"The verdict is a great relief for investors," said Tracy Chen, who helps manage US$2.3 billion at PCA Securities Investment Trust Co. in Taipei. "Political turmoil is avoided."
The Taiex index climbed 83.23, or 1 percent, to close at 8,396.95 in Taipei. The measure added 5.7 percent this week, its biggest weekly gain since the five days ended August 24. Futures due in January added 0.8 percent. The index has risen 7.3 percent so far this year compared with a 19 percent advance in 2006.
Farglory, Taiwan's biggest construction company by market value, climbed NT$3.50, or 4.8 percent, to NT$77. Cathay Real Estate Development Co., the second-largest, gained NT$0.35, or 2.4 percent, to NT$15.
A measure of 32 property developers climbed 5.3 percent, the second-biggest gainer among 28 industry groups after glassmakers. Taiwan Glass Industrial Corp., the island's biggest maker of the guiding material, advanced NT$2.10, or 6.4 percent, to NT$34.85.
Still a candidate
Ma Ying-jeou, the leader of the opposition Kuomintang and frontrunner in the March presidential election, was accused of misusing NT$11.2 million ($339,743) of city funds while he was mayor of Taipei. Taiwan's High Court ruled on appeal he was not guilty of the charges. Judge Liu Ching-hsing announced the decision.
Formosa International, Taiwan's largest hotel owner, rose NT$10, or 3.6 percent, to NT$290. Uni-President Enterprises Corp., the island's biggest food maker, gained NT$1.35, or 3.3 percent, to NT$42.35. Great Wall Enterprise Co., the second-largest Taiwanese livestock breeder, advanced NT$1.45, or 4.4 percent, to NT$34.45.
The High Court upheld a District Court verdict on August 14 that prosecutors had sought to have overturned. They could still lodge an appeal against today's ruling.
Ma leads the ruling party's candidate, Frank Hsieh, by 23 percentage points, according to the latest cable TVBS poll published September 19. He has pledged to focus on the economy and improve ties with China if elected.
Elsewhere, Taishin Financial Holding Co. slipped NT$0.30, or 2.3 percent, to NT$13. The lender said it plans to offer 1.3 new shares for each Chang Hwa Commercial Bank share as part of a merger that will create Taiwan's second-largest financial holding company by assets.


Updated : 2021-05-07 03:44 GMT+08:00