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Updated Saturday, December 8, 2007 0:00 am TWN, AP

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Stock index rises to 3-week high on Wall Street rally

TAIPEI, Taiwan -- Taiwan’s stock market rose to a 3-week high Friday on the overnight Wall Street rally.

The Weighted Price Index of the Taiwan Stock Exchange rose 27.97 points, or 0.32 percent, to 8,722.38, its highest close since Nov.16.

But while the gains in U.S. shares may encourage foreign investors to buy into Asian shares, “sentiment isn’t strong, with few investors willing to push prices higher,” said Cecelia Lu of Taiwan International Securities.

Glass and rubber sectors led the rise, with the subindexes respectively gaining 2.1 and 2.2 percent. China Synthetic Rubber rose 6.1 percent to NT$39.90.

Some leading tech names dropped despite reporting good news.

Smart phone maker High Tech Computer lost 1.7 percent to NT$625 a day after reporting record monthly revenue of NT$14.54 billion (US$450 million; euro308 million).

PC maker Acer dropped 1.5 percent to NT$66.4 despite announcing Thursday that it will replace Chinese rival Lenovo Group as a global Olympics sponsor starting in 2009.

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