Taiwan stocks ended 2.3 per cent higher on Thursday,with technology shares such as Acer leading a rebound as U.S. housing data fuelled optimism about the world8217;s largest economy and demand for technology.
8220;Today8217;s gain was a technical rebound from recent losses,spurred by a lift on Wall Street,8221; said analyst Kevin Chung of Jih Sun Securities.
8220;For the rest of this month,a very crucial element is that if Taiwan will sign the ECFA in June as Taiwan has expected,and how many items will be on the list of lower tariffs.8221;
Taiwan President Ma Ying-jeou said he hoped both sides will ink the economic cooperation framework agreement ECFA this month,a free-trade style pact,local media reported on Thursday.
Acer,the world No.2 PC vendor,ended up 5.2 per cent. Acer displayed e-books at Computex this week.
Mediatek,the world8217;s No.2 cell phone chip design house,gained 3.7 per cent,with the electronics sub-index 2.5 per cent higher.
Hon Hai,the owner of Foxconn,rebounded 4.6 per cent after falling to a nine-month closing low in the prior session.
It said on Wednesday production line workers at Foxconn8217;s southern China manufacturing hub will get a 30 per cent pay rise.
Foreign investors sold a net T127 billion 3.97 billion of Taiwan shares in May,the biggest monthly net selling since November 2007,figures from the Taiwan stock exchange showed.
In the first two sessions of June they sold a total of T14.8 billion.