Around the World's Markets: Taipei

THE MARKET powered 3 per cent ahead yesterday to claw back much of the ground lost in a selloff blamed on reports of nearby naval exercises by China.

The TAIEX index fell 4 per cent on Friday after reports that China's navy had put a submarine fleet on an attack exercise, but traders were convinced by denials and the index added 228 points to close at 7,823.9. Some traders felt Friday's fall had more to do with perceived overvaluation.