Thu, May 29, 2003 - Page 11 News List

TAIEX rises as TSMC, Quanta gain

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Stocks rose for the fourth day in five yesterday. Taiwan Semicon-ductor Manufacturing Co (TSMC, 台積電) led shares of some exporters higher after a US report showed consumer confidence climbed to a six-month high, boosting optimism for their overseas sales.

"An improved US economy will boost both demand for Taiwanese products and stocks," said Eric Yang (楊長富), who manages a US$115 million technology fund at Invesco Taiwan Ltd (景順投信).

AU Optronics Corp (友達光電) and other makers of computer flat-panel displays fell. HannStar Display Corp (瀚羽彩晶) said panel prices will peak next month and decline as supplies increase, a local newspaper reported, citing unidentified company officials.

The TAIEX added 23.30, or 0.5 percent, to 4,474.41. The benchmark has risen 6.1 percent since May 22. About the same number of stocks gained as declined.

The Taiwan Futures Index rose 1.2 percent to 4,485.

"The index scored gains for over 300 points in five sessions, (so) it was natural for investors to pocket profits or stop loss," Fubon Securities Investment Service (富邦投顧) manager Norman Lee said.

"Technical resistance around the half-year moving average also convinced investors to adopt a short-term trading stance," he said.

TSMC rose NT$1.20, or 2.4 percent, to NT$50.50. Quanta Computer Inc (廣達電腦) climbed NT$0.50, or 0.8 percent, to NT$67.50. AU Optronics, the nation's largest maker of liquid crystal displays, shed NT$0.30, or 1.5 percent, to NT$20.

HannStar lost NT$0.05, or 0.6 percent, to NT$8.15. HannStar expects the average price of the most widely used flat-panel display used in personal computers to peak at US$195 next month and decline as rivals boost supplies, the newspaper reported, citing unidentified company officials.

Nan Ya Plastics Corp (南亞塑膠) rose NT$0.50, or 1.4 percent, to NT$36.50. Oriental Union Chemical Corp (東聯) climbed NT$1.90, or 5.4 percent, to NT$37.40.

Nan Ya Plastics and Oriental Union Chemical plan to spend a combined NT$10.5 billion (US$302 million) to expand the output of a chemical used in antifreeze, a local newspaper said.

EVA Airways Corp (長榮) fell as much as 2.5 percent after it announced on Tuesday that it's cutting almost 80 percent of its flights to Japan next month. EVA closed unchanged at NT$11.90.

China Airlines Co (華航) fell NT$0.15, or 1.2 percent, to NT$12.95.

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