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Taiwan: Stocks up with overseas markets; Mega Financial keeps slipping

Tuesday, August 23, 2016 - 11:25
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[TAIPEI] Taiwan stocks rose on Tuesday in line with overseas markets with the index consolidating off highs reached earlier this month that had not been seen in over a year.

As of 3:063:06 GMT, the main Taiex index rose 0.6 per cent, to 9,031.77 points, after closing down 0.6 per cent in the previous session.

Gains were broad-based for the most part.

The electronics subindex rose 0.7 per cent, while the financials subindex gained 0.8 per cent.

Among actively traded shares, Mega Financial Holding was off 0.2 per cent. Its shares have sunk nearly 15 per cent since August 12, with selling accelerating this week after the firm's banking unit was fined US$180 million by New York regulators for anti-money laundering violations.

Shares in Foxconn, formally known as Hon Hai Precision , rose 0.4 per cent despite disclosing that two employees at its China plant died last week.

A series of suicides in past years, most at Foxconn's Shenzhen manufacturing operation, prompted the Apple Inc supplier to improve labour conditions.

The Taiwan dollar firmed T$0.113 to T$31.707 per US dollar.

REUTERS