Sat, Jul 05, 2003 - Page 11 News List

Taiex has biggest weekly gain since last November

BLOOMBERG

Stocks rose yesterday, with the index having its biggest weekly gain in eight months.

Computer-related shares such as AU Optronics Corp (友達光電) and Quanta Computer Inc (廣達電腦), as some investors bet demand for computer parts will improve as people replace obsolete computers.

The TAIEX added 56.54, or 1.1 percent, to 5,151.85. The index gained 5.6 percent for the week, the biggest advance since the five days ended Nov. 8. About three stocks gained for every two that declined. July futures on the index rose 1.4 percent to 5,191.

About NT$119 billion (US$3.5 billion) of shares changed hands, two-thirds more than the daily average in the past three months.

The value of trading yesterday was NT$165.7 billion, the most since April last year.

AU Optronics rose NT$1.70, or 6.6 percent, to NT$27.30.

Quanta gained NT$5, or 6.5 percent, to NT$82.

Financial shares such as Fubon Financial Holding Co (富邦金控) and Mega Financial Holding Co (兆豐金控) fell on concerns the legislature may not pass six economic and financial bills next week.

Fubon, which owns the nation's largest non-life insurer, fell NT$70, or 2.3 percent, to NT$28.70. Mega Financial by market value, fell NT$0.30, or 1.8 percent, to NT$16.80.

"An increasing number of retail investors are now convinced that this is a bull market and have started entering the race," said Simon Chao (趙永宏), whose US$17 million Infrastructure Fund at President Investment Trust Corp (統一投信) has gained 20 percent since the start of the second quarter compared with the benchmark index's 18 percent gain.

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