Stocks rise for 3rd day, led by China Steel and MediaTek

Stocks rose for a third day after reports that US troops moved into the center of the Iraqi capital, raising optimism leader Saddam Hussein will be ousted soon. China Steel Corp (中鋼) advanced.

The TAIEX added 76.65 to close at 4,575.83. MSCI Taiwan futures for April delivery in Singapore rose 2.1 percent to 197.10. The Taiwan Futures Index added 2.2 percent to 4,569.

China Steel, the nation's largest steelmaker, rose NT$0.7, or 3.4 percent, to NT$21.50. Yieh Loong Co (燁隆), which is 39 percent owned by China Steel, said sales last month rose 63 percent to NT$2.8 billion (US$80 million), according to a statement to the Taiwan Stock Exchange. Yieh Loong rose NT$0.9, or 6.7 percent, to NT$14.35.

China Steel last year exported about 30 percent of its steel, with about a third going to China. Yieh Loong sells galvanized steel and other processed steel products to China.

MediaTek Inc (聯發科技) rose NT$14, or 5.2 percent, to NT$283, after it said sales last month rose 20 percent.