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Taiwan markets rally after poll | Taiwan markets rally after poll |
(about 2 hours later) | |
Taiwan's stock market has rallied and its currency hit its strongest level in a decade after an opposition win in the island's presidential election. | Taiwan's stock market has rallied and its currency hit its strongest level in a decade after an opposition win in the island's presidential election. |
Investors hope that the victory of the Kuomintang party's Ma Ying-jeou, who favours closer ties with China, will ease political tension with Beijing. | Investors hope that the victory of the Kuomintang party's Ma Ying-jeou, who favours closer ties with China, will ease political tension with Beijing. |
Taiwan's main stock index rose 4% and the Taiwan dollar hit a 10-year high against its US counterpart. | Taiwan's main stock index rose 4% and the Taiwan dollar hit a 10-year high against its US counterpart. |
Gainers included airlines, which stand to benefit from better ties with China. | Gainers included airlines, which stand to benefit from better ties with China. |
Comfortable victory | |
Mr Ma won a comfortable victory over Frank Hsieh of the governing Democratic Progressive Party on Saturday. | Mr Ma won a comfortable victory over Frank Hsieh of the governing Democratic Progressive Party on Saturday. |
Official results gave Mr Ma 58% of the vote - an advantage of nearly 17 percentage points over Mr Hsieh. | Official results gave Mr Ma 58% of the vote - an advantage of nearly 17 percentage points over Mr Hsieh. |
"It's been very lively on the trading floor, as investors called in to buy into traditional and financial stocks," said Winston Tung, a branch manager at Fubon Financial's brokerage department. | "It's been very lively on the trading floor, as investors called in to buy into traditional and financial stocks," said Winston Tung, a branch manager at Fubon Financial's brokerage department. |
"Last week, people were still afraid to buy in case something bad happened during the election, but since everything went smoothly, funds are flowing back quickly into the market." | "Last week, people were still afraid to buy in case something bad happened during the election, but since everything went smoothly, funds are flowing back quickly into the market." |
The TAIEX share index rose 340.36 points to 8,865.35 points, while the Taiwan dollar hit a high of T$30.201 against the US dollar. | The TAIEX share index rose 340.36 points to 8,865.35 points, while the Taiwan dollar hit a high of T$30.201 against the US dollar. |
Shanghai slides | |
Elsewhere in Asia, Shanghai's main stock index fell 4.5% on fears that an oversupply of shares could overwhelm investor demand. | |
Many big Chinese firms are planning to issue new shares and a large amount of previously non-tradable shares have recently become eligible to be freely traded following market reforms. | |
Japan's Nikkei 225 index ended the day virtually unchanged. It was down 0.02% at 12,480 points. | |
Analysts said trade was subdued, with investors waiting for US markets to resume trading later in the day. | |
Many European markets remain closed for the Easter holiday. |
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