Quanta Display leads gainers on a roller-coaster day

Stocks closed higher yesterday, after swinging between gains and losses.

Quanta Display Inc (廣輝電子) and Chunghwa Picture Tubes Ltd (中華映管) advanced on a report they and about 180 other companies have been exempted from paying import duties on production equipment.

Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) dropped on a newspaper report that the government may sell some of its shares in the company in the US within two to six weeks.

The TAIEX added 3.47, or 0.1 percent, to 4,881.90. The same number of stocks gained as fell. The value of trading was NT$90.6 billion (US$2.6 billion), 60 percent above the average daily value traded in the last three months. The index added 2.7 percent this week. June futures on the benchmark rose 0.2 percent to 4,890.

"Investors are reluctant to bid up stock prices, as many question if corporate earnings can catch up with the current rally," said Celine Chiang (江宜津), who manages the US$15 million Chronicle Fund for Polaris International Securities Investment Trust Co (寶來投信).

"On the other hand, investors want to stay in the market because they don't want to miss out on the rally," she said.

Quanta Display, a maker of flat-panel displays, rose NT$0.50, or 4 percent, to NT$13. Chunghwa Picture, its rival, climbed NT$040, or 3.5 percent, to NT$12.