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Taiwan shares surge 2 percent to hit 7-year high


TAIPEI, Taiwan (AP)
Monday, July 9, 2007


    

Taiwan shares rose for a sixth straight session Monday to hit a new 7-year high on broad-based buyin

g. Gains were led by tech, financial, and construction issues.

The Weighted Price Index of the Taiwan Stock Exchange rose 181.53 points, or 2 percent, to close at 9369.84 _ the highest since April 14, 2000.

The market has been boosted in recent weeks by a number of government policies, including a real estate transaction tax reduction, ahead of legislative polls next January and the presidential election two months later.

"This is still a healthy market," said KGI Securities' Noreen Niu.

Taiwan Semiconductor Manufacturing gained 2.1 percent to close at New Taiwan dollars 72. MediaTek rose 5.1 percent to NT$622, and Acer was up 4 percent to NT$71.

Cathay Financial Holding rose 6.3 percent at NT$84. Pan Overseas gained 6.8 percent to NT$3.31 on a Commercial Times report that U.S.-based wireless broadband company Clearwire Corp. was considering setting up a joint venture with the Taiwanese firm to invest in WiMAX market in Taiwan.


      








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