Taiwan stocks rise 2.4 per cent on bargain hunting

The Weighted Price index, which opened higher amid a bullish sentiment, continued its upward trend to close at 7,244.76 points, up 2.39 per cent from the previous day's trade, with turnover relatively brisk at 109.12 billion Taiwan dollars (3.59 billion US).

All eight major sectors rose with paper and construction sub-indices each advancing 4 per cent to become the day's biggest winners, followed by food's 3.5 per cent, textiles' 3 per cent and electronics' 2.8 per cent.

Analysts said Wall Street's gains on Thursday and the Taiwanese government plan to further relax restrictions on local investments in China bolstered the sentiment with investors swiftly moving in to hunt for bargains.

The local index, pressured by the slow economy, fuel price hikes and inflationary pressure, has slipped more than 2,300 points since the island's President Ma Ying-jeou was inaugurated on May 20.