Thu, May 15, 2003 - Page 11 News List

Evergreen Marine leads advancers on price hike

BLOOMBERG , TAIPEI

Stocks rose for a fourth day yesterday. Evergreen Marine Corp (長榮海運) advanced after it and 12 other shipping lines companies revealed plans to raise charges for carrying fruit to the US.

Formosa Plastics Corp (台塑) and Nan Ya Plastics Corp (南亞塑膠) fell after crude oil had it biggest rise in four weeks, boosting concern petrochemical makers will have to pay more for raw materials.

The TAIEX added 6.51, or 0.15 percent, or 4,341.10. Five stocks gained for every four that declined. The Taiwan Futures Index added 0.5 percent to 4,338.

Evergreen Marine rose NT$1, or 4 percent, to NT$26.20.

Evergreen and shipping lines from Japan, Singapore and South Korea plan to increase charges for shipping fruit under the so-called Westbound Transpacific Stabilization Agreement. The higher charges will start next month.

Formosa Plastics fell NT$0.50, or 1.1 percent, to NT$44.30. Nan Ya Plastics shed NT$0.10, or 0.3 percent, to NT$33.40.

Suicide bombings in Saudi Arabia, the world's top producer, contributed to the rally.

"Renewed terrorist attacks will have a minor short-term impact on investor confidence," said Hebbe Lin, who manages the equivalent of US$20 million at International Investment Trust Co (國際投信).

China Steel Corp (中鋼) agreed to buy a stake in a plant owned by Sumitomo Metal Industries Ltd, becoming the first foreign partner in a Japanese steel venture. China Steel will take a 33 percent stake in a venture formed after Sumitomo Metal spins off its Wakayama plant, a Sumitomo Metal official said on Tuesday.

China Steel gained as much as 1 percent before closed unchanged at NT$20.40.

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