Taiwan stocks open higher on Wall Street rally

Business Materials 25 November 2008 08:43 (UTC +04:00)

The Taiwan stock market opened higher Tuesday in reaction to the Wall Street rally caused by president-elect Barack Obama's announcement of plans to rescue Citigroup, dpa reported.

By mid-morning the TAIEX index rose 108.73 points, or 2.61 per cent, to 4,269.27.

"Obama's economic team is mulling a stimulus package to tackle the recession and its decision to rescue the ailing Citigroup caused the US stocks to rally Monday. As Asian stocks are closely linked to US stocks, all major Asian stocks surged today," Chiu Hsin-lin, executive vice president of the Industries Bank of Taiwan Securities, said.