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Taipei shares turn higher in early trade on rebound in financials.

Europe Intelligence Wire

| December 01, 2008 | COPYRIGHT 2008 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From AFX Europe (Focus))

TAIPEI (XFN-ASIA) - Share prices turned firmer in early trading after weakness in heavyweight tech stocks was offset by bargain-hunting in financials, dealers said.

At 10:09 am, the weighted index was up 14.68 points or 0.33 pct at 4,475.17, off a low of 4,418.24.

Turnover was 19.13 bln twd.

"After a retreat in very early trading, investors sought bargains in financials and other old-economy stocks such as transportation," an analyst with a securities house said.

Apart from Wall Street's stronger close on Friday, investors also welcomed the appointment of a new FSC head.

Sean Chen, who is replacing Gordon Chen as chairman of the Financial Supervisory Commission today, was reported as saying that the commission could review the implementation of a new accounting rule on inventory expensing.

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