Business News
Taiwan stocks slump 3.53 per cent on China concerns
Jul 13, 2009, 7:27 GMT
Taipei - Taiwan's stocks slumped 3.53 per cent Monday to its biggest daily drop in three months on concerns that Taiwan might not be able to sign a trade pact with China at the end of this year, dealers said.
The TAIEX index closed at 6,530.82 points, down 239.04 points or 3.53 per cent.
Dealers said investors were worried that Taiwan's failure to sign a trade pact with China at the could result in the island losing its competitive edge, when Beijing was to form a trade bloc with the Association of Southeast Nations state as early as 2010.
Lai Shin-yuan, chairwoman of the Mainland Affairs Council, Taiwan's top China policy planning body, said Sunday during a visit to Washington that she did not think Taiwan was ready to talk with China on the Economic Cooperation Framework Agreement during their planned summit at the end of this year.
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