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Taipei shares end up; financials gain as regulator hints at more bailouts-UPDATE.
(From AFX Europe (Focus))
TAIPEI (XFN-ASIA) - Share prices closed higher, led by financials, after Sean Chen, the newly appointed chief of Taiwan's top financial regulator, said a better-rounded bailout package for local banks warrants "overall consideration."
Dealers said bargain-hunters entered the technology sector after early weakness. Some investors were also building positions in old-economy stocks.
The weighted index closed up 57.94 points, or 1.30 pct, at 4,518.43, off a low of 4,418.24 and a high of 4,567.76.
Turnover was 66.88 bln twd.
The financial sector was up 4.02 pct, transport surged 3.68 pct, tourism rose 3.28 pct and electronics were up 0.46 pct.
Wang Chao-li, an assistant vice president at Polaris Securities, said Wall Street's rally Friday improved the atmosphere in the market and "investors were willing to hunt for bargains more aggressively."
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