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Local market ends above 8,400 points on Fed policy

Taipei--Shares in Taiwan posted gains to close above the 8,400-point mark Thursday as investors hailed the U.S. Federal Reserve's overnight announcement that it has adopted a plan to gradually cut back its monthly bond-buying measures, dealers said.

Buying was seen almost across the board with the bellwether electronics sector moving higher led by select large-cap semiconductor stocks, while the financial sector also attracted interest on hopes that interest rates will go higher on the Fed's tightening, they said.

The weighted index ended up 58.36 points, or 0.69 percent, at 8,407.40 after moving between 8,378.78 and 8,426.08, on turnover of NT$79.58 billion (US$2.67 billion).

The electronics sub-index closed up 0.56 percent led by select semiconductor stocks, with integrated circuit designer MediaTek Inc. (聯發科) up 2.63 percent at NT$429.00 on hopes that the company's fourth quarter sales will be boosted by strong demand for smartphone chips from China.

Taiwan Semiconductor Manufacturing Co. (台積電), the most heavily weighted stock in the local market, gained 1.49 percent to close at NT$102.50, while Advanced Semiconductor Engineering Inc. (日月光), the world's largest IC packaging and testing services provider, added 1.30 percent to end at NT$27.25

In the financial sector, Fubon Financial Holding Co. (富邦金控) rose 1.81 percent to close at NT$42.10, and Cathay Financial Holding Co. (國泰金控) grew 1.53 percent to end at NT$46.55.

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