TAIPEI, Taiwan (AP)
Taiwan shares rose Friday on strength in neighboring markets in Japan and Hong Kong, with renewed interest emerging for battered financial issues.
The Weighted Price Index of the Taiwan Stock Exchange rose 210.95 points, or 2.4 percent, to close at 8,982.16 points.
Friday’s gain resulted from investors’ belief that Taiwan is not being overwhelmed by U.S. subprime woes, said Derek Lam of Fubon Securities.
“People believe that damage to Taiwan from subprime is not as heavy as in the U.S.,” Lam said.
In Friday’s trading, the non-tech sector and financial issues stood out.
Asia Cement rose 6.9 percent to NT$46.30, Uni-President Enterprises gained 5.5 percent to NT$38.25, and Cathay Financial Holding increased 2.7 percent to NT$73.50.
Since Taiwan’s rebound began Aug. 18, the stock market has gained 11 percent.
The food subindex has climbed 26.4%, cement shares 21.5%, and tech issues 10.7%.