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TAIEX has biggest rise in three weeks, Nanya leads

The nation's key stock index had its biggest gain in three weeks, paced by Nanya Technology Corp (南亞科技), after a newspaper report said the nation's biggest computer memory-chip maker will post higher sales in June compared with those for the previous month.

Nanya Technology shares jumped NT$2.20, or 6.9 percent, to NT$34.30 on reports that the average selling price of chips was higher in June.

The TAIEX rose 124.43, or 2.4 percent, to 5,255.23, while three stocks rose for every that fell. For the week, the index rose 2 percent. The value of trade was worth NT$92.9 billion (US$2.8 billion), 14 percent more than the daily average in the past three months.

United Microelectronics Corp (聯電) rose NT$2.70, or 7 percent, to NT$41.30, after reports that the second-biggest maker of chips for other companies will receive additional orders from Japan's Oki Electric Industry Co and Xilinx Inc of the US.

"There's room for a rebound, with reduced trades using borrowed money in the market; most of the bad news have been factored in," said William Cheng (鄭智文), who helps manage NT$650 million (US$19 million) at Zurich Securities Investment Trust Corp (蘇黎世投信).

"Computer memory chip prices are starting to rise, helping to resist share declines."

Hon Hai Precision Industry Co (鴻海精密) rose NT$7, or 5.2 percent, to NT$141, after the company scrapped plans to raise US$1.38 billion through sales of convertible bonds and overseas shares.

Macronix International Co (旺宏電子), rose US$0.81, or 6 percent, to NT$14.45 after shares of the memory chip maker has lost 22 percent in the first four days of this week because it revised its earnings forecast for the year to a NT$9.6 billion loss, compared with an earlier profit forecast.

Powerchip Semiconductor Corp (力晶半導體) rose NT$1.30, or 7 percent, to NT$20.
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