Taiwan stocks rose, led by China Steel Corp (中鋼), after the nation's largest steelmaker posted third-quarter profit that almost tripled as demand recovered.
Winbond Electronics Corp (華邦電子) advanced after the island's largest maker of computer-memory chips by market value said its third-quarter loss narrowed 93 percent and was smaller than analysts' expectations TAIEX climbed 37.31, or 0.8 percent, to close at 4,601.37. Almost two stocks rose for every one that declined. Shares worth NT$107.02 billion (US$3 billion) changed hands.
China Steel surged NT$1.2, or 6.7 percent, to NT$1.9, which is its daily limit.
"China Steel's rate of profit growth is driving the stock," said Jeff Chen, who manages NT$3.8 billion in stocks at E. Sun Securities Investment Trust Co (玉山投信).
Winbond Electronics gained NT$0.5, or 2.6 percent, to NT$19.6. Its third-quarter loss narrowed 93 percent to NT$283 million, smaller than analysts' expectations.
China Airlines Co (華航) rose NT$0.85, or 5.9 percent, to NT$15.3. China on Wednesday will explain Chinese Vice Premier Qian Qichen's (錢其琛) recent statement about direct transport links.
Siliconware Precision Industries Co (矽品精密) fell NT$1.4, or 6.6 percent, to NT$19.9. The world's third-largest chip packager cut its pretax-profit forecast for the year by two-thirds to NT$304.7 million after demand for semiconductors slowed in the middle of the year.
Lite-On Technology Corp (光寶科技) rose NT$0.5, or 1 percent, to NT$50.5. The computer-monitor maker said third-quarter earnings per share rose more than two-thirds from a year earlier to NT$3.15.
Sunplus Technology Co (凌揚科技) fell NT$4.5, or 6.3 percent, to NT$66.5. Taiwan's largest designer of chips used in toys and digital cameras posted a third-quarter profit of NT$755 million, compared with NT$759 million a year earlier.
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