Shinkong Synthetic gains on government investment

Shinkong Synthetic Fibers Corp. climbed on the Taiwan Stock Exchange after a government fund said it will buy one-third of the company's cellulose film unit.

Shinkong Synthetic climbed 5.2 percent to NT$11.10 at the close of trade in Taipei Wednesday, the largest gain since Sept. 26, compared with a 1.2 percent decline in the benchmark Taiex index.

The maker of fibers and fabrics will sell a 33.3 percent stake in its TacBright cellulose film unit to the Taiwan government's National Development Fund for NT$1 billion (US$31 million), the fund said in a statement Tuesday. The company's shares have climbed 33 percent this year, outpacing the Taiex index's 8 percent advance.