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Taiwan: Stocks end up 3.6% on hopes of govt fund buying

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Taiwan stocks rebounded from steep losses in the prior session on hopes the government would soon step in to shore up market confidence after the key index plunged to a near three-year low on Monday.

[TAIPEI] Taiwan stocks rebounded from steep losses in the prior session on hopes the government would soon step in to shore up market confidence after the key index plunged to a near three-year low on Monday.

The main index closed 3.6 per cent higher at 7,675.64 points, with techs and banks both jumping more than 3 per cent.

Vice Finance Minister Wu Tang-chieh, who is in charge of the National Security Fund, said the fund would buy shares, without giving details.

On Monday, the market hit a near three-year low after concerns about China's slowing economy sparked a savage global market selloff.

REUTERS

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