Taiwan stocks rose, driving the TAIEX to almost a six-month high, paced by Yang Ming Marine Transport (
Yang Ming, Taiwan's third-largest shipping company by market value, and Evergreen are currently negotiating their Asia-US rates for this year with their customers.
Yang Ming also said yesterday it will team up with Hanjin Shipping Co, South Korea's second-largest, to add two Asia-Europe routes from next month. Yang Ming rose NT$1.40, or 7 percent, to NT$21.50. Evergreen Marine rose NT$1.80, or 6.8 percent, to NT$28.30.
"Shipping stocks have risen because of expectations freight rates are rising," said Douglas Chang, who manages about US$20 million in stocks at Union Securities Investment Trust Corp (
The TAIEX rose 25.28, or 0.5 percent, to close at 5,017.70, its highest since July 25. Almost two stocks rose for every one that fell. The value of trade was NT$120.4 billion (US$3.5 billion).
Compal Electronics Inc (
Largan Precision Co (
Mirle Automation Corp (
Sampo Corp (
Systex Corp (精業) rose NT$0.80, or 4.3 percent, to NT$19.30. Taiwan's largest financial-information provider said it received approval from the Ministry of Economic Affairs' Investment Commission to invest US$2.5 million in China.
Ta Jung Transportation Co (
Uni-President Enterprises Corp (統一企業) rose NT$0.85, or 6.9 percent, to NT$13.15. A local newspaper reported Taiwan's largest food processor company will invest NT$8 billion to build a bus transit station near the Taipei City Hall.