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Local market ends up as large-cap stocks gain

TAIPEI, Taiwan -- Shares in Taiwan moved higher Wednesday to close above 8,400 points on the back of gains posted by large-cap stocks in both the electronics and old economy sectors, as investors shrugged off Wall Street's decline overnight, dealers said.

Hon Hai Precision Co. (鴻海精密), which assembles iPhones and iPads for Apple Inc., rose as it benefited from strong sales of the U.S. vendor's new smartphone and tablet models, while Taiwan Semiconductor Manufacturing Co. (TSMC,台積電) attracted bargain hunting, the dealers said.

Select financial stocks, including Cathay Financial Holding Co. (國泰金控), which owns large property assets, also lent support to the broader market as the local financial authorities have decided to adopt a new accounting method that is expected to boost their property asset value, they added.

The weighted index ended up 25.45 points, or 0.30 percent, at 8,418.00, after moving between 8,375.79 and 8,435.23, on turnover of NT$79.60 billion (US$2.69 billion).

“Thanks to the gains posted by these market heavyweights, the Taipei market appeared resilient despite the latest Wall Street losses,” Mega International Investment Services Corp. analyst Alex Huang said.

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