Shipping companies advance as market posts needed gains

Stocks rose, led by Evergreen Marine Corp (長榮海運), the nation's biggest shipping company, and Yang Ming Marine Transport Corp (陽明海運), which is adding Asia-Europe freight routes from this month, after a Danish rival said it had a larger-than-expected profit from shipping last year.

Compal Electronics Inc (仁寶電腦) and Asustek Computer Inc (華碩電腦) dropped on concern slowing consumer confidence in the US may hurt demand. The US Conference Board's consumer confidence index plunged to a nine-year low on Tuesday.

"The outlook for overseas demand is still gloomy, so investors should remain cautious about investing in traditional manufacturers," said Tracy Chen, who manages NT$2.6 billion (US$75 million) at Prudential Securities Investment Trust Co (保誠投信).

The TAIEX added 2.34, or 0.1 percent, to close at 4,456.69. Gainers and decliners were almost even.

MSCI Taiwan futures for February delivery in Singapore dropped 0.4 percent to 187.80, while the Taiwan Futures Index was little changed at 4451.

Evergreen Marine rose NT$1.50, or 6.4 percent, to NT$25. Yang Ming surged NT$1.20, or 6.9 percent, to NT$18.60.

A.P. Moeller Group, the world's largest container shipping company, said it had net income of 12 billion kroner (US$1.7 billion) in 2002, up from 8.8 billion kroner in 2001.

Compal dropped NT$1.30, or 3.7 percent, to NT$34.20. Asustek, the nation's largest maker of boards holding the chips that run computers, lost NT$0.50, or 0.8 percent, to NT$60.