Print

Mail

wiki links

TSMC leads as TAIEX gains 3%

Big gainers * UMC was the most actively traded stock. It jumped 6.9 percent to close the day at NT$23.30. * AU Optronics was the second most actively traded share. It surged 6 percent to finish at NT$23.10. * TSMC jumped 5.6 percent to close at NT$56.50. * MediaTek Inc soared 6.8 percent to end at NT$329. * Formosa Plastics rose 3.5 percent to end at NT$47.10.

Stocks rose for a fourth day yesterday as the number of new SARS cases fell to the lowest in two weeks and some investors judged the impact of the disease on the nation's economy would soon come to an end.

Cathay Financial Holding Co (國泰金控) paced the gain.

"Investors are sick of talking about SARS," said Liu Juming, who manages the equivalent of US$144 million at Fuh-Hwa Investment Trust Co (復華投信).

"Businesses are returning to normal," he said.

Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) and other exporters advanced after a US manufacturing report suggested a recovery in the world's largest economy is gaining momentum.

The TAIEX added 137.04, or 3 percent, to 4,692.94, the biggest gain since April 5. Almost nine shares rose for each one that fell. Turnover was NT$107.0 billion (US$3.1 billion).

The Taiwan Futures Index added 3.4 percent to 4,665.

Cathay Financial, the owner of the nation's largest life insurer, added NT$0.60, or 1.5 percent, to NT$41.10.

Last month, Taiwan lowered its GDP growth estimate for this year to 2.89 percent from 3.68 percent as SARS disrupted ties between its companies and their plants in China and shoppers stayed at home to avoid catching the disease.

TSMC rose NT$3, or 5.6 percent, to NT$56.50.

United Microelectronics Corp (UMC, 聯電) was the most actively traded stock, with nearly 278 million shares changing hands as the issue spent most of the session locked near its daily market limit.

UMC shares gained NT$1.5, or 6.9 percent, at NT$23.30.

MediaTek Inc (聯發科技), the world's biggest maker of chips for DVD players, surged NT$21, or 6.8 percent, to NT$329.

Makers of the flat panels used as screens in notebook computers were also stronger. AU Optronics (友達光電), the country's largest panel maker and the second most actively traded share today, up NT$1.3, or 6 percent, at NT$23.10.

Formosa Plastics Corp (台塑), the flagship company of Formosa Group, gained NT$1.60, or 3.5 percent, to NT$47.10.

Group sales will reach a record NT$1 trillion in two years, making it the nation's largest business group, a local newspaper reported, citing no one.

Nan Ya Plastics Corp (南亞塑膠), a unit of Formosa Group, rose NT$0.20, or 0.6 percent, to NT$36.30.

Taiwan Cement Corp (台泥) gained NT$0.40, or 3.4 percent, to NT$12.20. The company plans to invest NT$3 billion (US$86.5 million) to expand its cement production plants in China, another local newspaper reported.
This story has been viewed 2190 times.