Tue, Feb 18, 2003 - Page 11 News List

TAIEX jumps 4.7% on possible delay of US-led Iraqi war

BLOOMBERG AND AFP , TAIPEI

Stocks rose, and the benchmark index had its biggest percentage gain since October, on speculation a US-led war with Iraq may be delayed or called off after UN inspector Hans Blix said he found no weapons of mass destruction.

Hon Hai Precision Industry Co (鴻海精密), Taiwan's largest maker of parts for personal computers, rallied NT$7 to NT$112.50 after saying last month's sales surged by two-thirds.

Ritek Inc (錸德), the nation's largest maker of recordable compact discs, and rival CMC Magnetics Corp (中環) advanced after a local newspaper reported that the companies plan to boost production of DVD discs this year. Ritek rose NT$1.10 to NT$17.30. CMC Magnetics jumped NT$1.10 to NT$17.60.

The TAIEX jumped 211.09, or 4.7 percent, to close at 4,705.08 on turnover of NT$68.48 billion. Advancers led decliners 700 to 11 with 33 stocks unchanged.

"The index is quickly regaining ground lost in previous trading as military tension subsides," said Eddie Chiu, who manages a NT$4 billion fund at First Global Investment.

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