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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Taiwan stocks at week closing high; state buying seen Reuters - Monday, March 1 Send IM Story Print * State funds seen propping up prices after by-elections * Technology stocks gain: Mediatek up 2.6 pct, UMC up 3.6 pct * Mega Financial seeks China bank stake; up 0.6 pct TAIPEI, March 1 - Taiwan stocks rose 1.9 percent to a one-week closing high on Monday, with traders speculating the Taiwan government had intervened to soothe markets after it lost seats in by-elections on Saturday to the anti-China opposition. The government has intervened in the past in markets, sometimes during elections and usually in times of high volatility, but may have decided to step in on Monday on concern that investors would be spooked by its second by-election losses in as many months. Analysts said the buying was limited in scope, and the government may have had one eye on investor concerns about a freeze in its China-friendly business policies that have lifted Taiwan out of recession if the opposition gains ground [ID:nTOE61Q011]. "After the election factor is gone, the market's focus will return to corporate fundamentals, which are not bad this year," said Kevin Chung, manager at Taiwan's Jih Sun Investment Consulting Co. "We didn't see too much buying from the government." The main TAIEX share index <.TWII> advanced 141.65 points to 7,577.75, the highest close since Feb. 23. Other analysts said Taiwan's market, like other Asian markets highly sensitive to global risk appetite, benefitted from signs that Greece's debt crisis could be easing. "There had been a massive fund outflow from Asia because of the debt problem in Greece. It seems the crisis is easing, prompting investors back to stock markets," said Sheng Yen, who manages T$4.3 billion for Franklin Templeton Investments in Taiwan. Taiwan's technology companies, which have forecast a stronger outlook for this year, were among the biggest gainers, with the electronics sub-index <.TELI> up 2.03 percent. Chip designer Mediatek <2454.TW>, the market's most active stock by turnover, rose 2.57 percent. Contract chipmaker UMC <2303.TW> rose 3.56 percent and LCD panel maker AU Optronics <2409.TW> gained 3.79 percent. The financial sub-index <.TFNI> climbed 1.81 percent. Cathay Financial <2882.TW>, the island's top financial holding firm, ended up 1.55 percent. Chinatrust Financial <2891.TW>, which has agreed to buy a 30 percent stake in AIG's <AIG.N> Taiwan Nan Shan unit from China Strategic <0235.HK>, jumped 3.45 percent. Mega Financial <2886.TW> rose 0.56 percent. After the market closed, the island's No.4 financial holding company said it would be looking to take a controlling stake in a Chinese commercial bank after China and Taiwan sign a trade agreement. [ID:nTPU002188] For a table of foreign trading in Taiwan stocks, double-click on [ID:nTP170358] ----------------------TAIEX IN PERSPECTIVE-------------------- Move on day 1.9 percent Close on day 7,577.75 2010 intraday high 8,395.39 2010 intraday low 7,080.90 All time high 12,682.41 12 FEB 1990 -------------------------------------------------------------- Recommend Send IM Story Print Related Articles HSBC posts profit gain, boss donates bonus to charity AFP - 50 minutes ago Dollar holds gains vs euro, yen after US ISM data Reuters - 1 hour 2 minutes ago Manufacturing sector grew in February: ISM Reuters - 1 hour 4 minutes ago Dominion raises 33 mln stg for Ugandan drill Reuters - 1 hour 7 minutes ago Fed's Kohn says to leave Fed June 23 Reuters - 1 hour 10 minutes ago News Search Top Stories US consumer spending grows but incomes lag Crosby show as Canada beat USA in gold thriller World's most powerful atom smasher restarts: CERN No German rescue plan for debt-ridden Greece Debt-hit Greece must step up spending cuts: Juncker More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World's most powerful atom smasher restarts: CERN Be of good heart: Happiness helps ward off cardiac disease Vast iceberg could disrupt ocean currents, weather Crosby show as Canada beat USA in gold thriller British banking faces major makeover More Most Viewed » Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions Scientists recreate Big Bang heat of 4 tln degrees C First footage of clouded leopard captured in Borneo More Most Recommended » Elsewhere on Yahoo! 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