Taipei Market Up 1.37%

May 18, 2009
Market bolster by new capital intended to help machinery, auto sectors and others

After Chinese state media said Beijing would push mainland businesses to invest in the island amid warming cross-strait ties, the market rose 88.72 points to 6,577.81.

Gainers led losers 1,209 to 952 with 142 stocks unchanged. The market opened 0.42% higher following the report and the momentum continued until the end of the session on hopes that mainland capital will help Taiwan out of the economic meltdown, dealers said.

Monday's buying boosted old-economy sectors such as construction as China's pledge for more investment in Taiwan focuses on the infrastructure, textile, machinery and auto sectors, dealers said.

China Steel added 2.79% while Taiwan Semiconductor Manufacturing Co. gained 2.19% but United Microelectronics Corp. fell 0.74%.

Copyright Agence France-Presse, 2009

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