The TAIEX advanced for the first day in three. China Steel Corp (
Gains were limited on concern business and consumer spending may slow because of the spread of severe acute respiratory syndrome, which has killed 106 people and infected 2,722 people worldwide.
"SARS will still affect Taiwan's consumption," said Chu Chun-ju, a fund manager at Polaris International Securities Investment Trust Co (寶來投信).
The TAIEX added 3.97 to 4,541.36, paring earlier gains of as much as 1.3 percent. More than two stocks rose for every one that fell. The value of trade was NT$65.5 billion (US$1.9 billion), almost the same level as the three-month daily average.
China Steel climbed NT$0.10, or 0.5 percent, to NT$21.70.
Profit before taxes in the first quarter jumped to NT$10.8 billion, from NT$1.57 billion a year earlier. Sales rose to NT$30.4 billion from NT$21.1 billion, as a recovery in demand and economic expansion in China pushed up international prices.
MSCI Taiwan futures for April delivery in Singapore climbed 0.3 percent to 193.80, while the Taiwan Futures Index rose 0.1 percent to 4,511.
Cathay Financial Holding Co (國泰金控), the nation's biggest financial company, fell NT$0.10 to NT$41. Mega Financial Holdings Co (兆豐金控) dropped NT$0.10 to NT$16.80. J.P. Morgan Chase & Co reduced economic growth estimate this year to 3.2 percent from 3.5 percent because of SARS, according to a report sent to investors yesterday.
The government in February forecast growth of 3.68 percent.
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