Taiwan: Stocks up 2% on government support moves

[TAIPEI] Taiwan stocks rose more than 2 per cent on Tuesday on signs of further government support after crashing in the previous session on deepening worries about slowing growth in China.

By 0219 GMT, the main TAIEX index was up 2.4 per cent, to 7,588.17 points, after falling more than 7 per cent at one point on Monday.

The TAIEX was supported by the central bank's lowering of the interbank rate for the sixth session in recent weeks. It was also boosted by official comments that authorities are "aggressively evaluating" the possibility of a large government fund buying local equities.

The Taiwan dollar firmed T$0.216 to T$32.744 per US dollar, though it previously briefly hit a six-year low as foreign investors continued to sell local shares.

REUTERS