Business News
Taiwan stocks rise 2.95 per cent on hopes of more China cooperation
Jun 24, 2009, 8:00 GMT
Taipei - Taiwan's stocks surged 2.95 per cent Wednesday, fuelled by hopes of financial cooperation with China, dealers said.
A government plan to create new municipalities by merging some local cities and counties also bolstered market sentiment as the plan could boost land prices, dealers said.
The TAIEX index opened slightly lower, but soon rose and extended its gains all the way to close sharply higher at 6,380.08, up 182.61 points, or 2.95 per cent from Tuesday's trading.
Dealers said news reports that Taiwan and China were expected to sign a financial cooperation memorandum next month and discuss in the second half of this year the possibility of inking a partial free-trade pact sent the financial sub-index up by 6.4 per cent.
The government's plans to upgrade the status of some local cities and counties and merge some of these municipalities pushed the property sub-index up 2.9 per cent, they said.
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