Thu, May 08, 2003 - Page 11 News List

Nan Ya Plastics leads rise of recent decliners

BLOOMBERG , TAIPEI

Stocks climbed for a fourth session after some investors judged recent declines more than reflected concern that severe acute respiratory syndrome (SARS) may stall demand in China and disrupt trade.

Nan Ya Plastics Corp (南亞科技), Evergreen Marine Corp (長榮海運) and shares of other companies that have fallen the most recently led the advance.

Lite-On Technology Corp (光寶科技) and BenQ Corp (明基電通) rallied after both said sales rose last month.

The TAIEX gained 55.46, or 1.3 percent, to 4,275.91. More than six stocks rose for every one that declined. The benchmark had fallen 9.4 percent from April 21 to yesterday.

MSCI Taiwan futures for May delivery in Singapore gained 1.4 percent to 184.50, while the Taiwan Futures Index advanced 60 points, or 1.4 percent, to 4,245.

The value of trade was NT$46.4 billion, about a tenth lower than the daily average in the past three months.

"It's a rebound theme for China-related stocks and others that have fallen steeply because of SARS," said Charles Hsu, who helps manage the equivalent of US$432 million in Taiwanese equities at First Global Investment Trust Co (元大投信).

"The outbreak in Taiwan hasn't cleared up completely, but there are hopes that it may soon come under control like in other countries such as Singapore," he said.

Nan Ya Plastics, which has benefited from increasing product prices resulting from growing Chinese demand, jumped NT$1.70, or 5.4 percent, to NT$33.20. The stock lost 9.5 percent from April 21 until yesterday.

Evergreen Marine rose NT$2.15, or 4 percent, to NT$56.42. Lite-On climbed NT$1.10, or 3.5 percent, to NT$32.50. BenQ climbed NT$1, or 2.8 percent, to NT$36.90.

"We are turning our attention to companies that report better sales in April," said Belinda Yu, who manages the equivalent of US$201 million of stocks at Jih Sun Securities Investment Trust Co (日盛投信).

AU Optronics Corp (友達光電) rose NT$0.30, or 1.7 percent, to NT$18.40. Compal Electronics Inc (仁寶電腦) rose NT$0.60, or 1.6 percent, to NT$38.60.

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