Sat, Aug 23, 2003 - Page 11 News List

TAIEX gains for second week on back of exporters

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Stocks gained yesterday, with the benchmark index advancing for a second week. Exporters such as United Microelectronics Corp (UMC, 聯電) and AU Optronics Corp (友達光電) rallied after the government reported Thursday that export orders rose 14.83 percent last month from a year earlier to US$14.5 billion.

The TAIEX climbed 34.76, or 0.6 percent, to 5,646.62, the highest since May 31 last year. The index rose 2.9 percent for the week, adding to the previous week's 4.9 percent advance. The turnover was NT$135.30 billion (US$3.96 billion). Decliners led gainers 332 to 323, while 125 stocks were unchanged.

Futures for September delivery rose 0.04 percent to 5,613.

"Overseas demand has clearly recovered, fueling profit growth for Taiwan's exporters," said Jean Yeh, who helps manages the equivalent of US$59 million at Ta Chong Investment Trust Corp (大眾投信).

UMC, the world's second-largest maker of computer chips on a subcontracting basis, rose NT$0.20, or 0.8 percent, to NT$25.80, while Taiwan Semiconductor Manufacturing Co (台積電) closed unchanged at NT$64.

AU Optronics climbed NT$0.80, or 1.8 percent, to NT$44.50.

Optical storage media maker Ritek Corp (錸德) was up NT$1 at NT$25 after reporting a modest profit for the six months to June, reversing a major loss a year earlier.

Hon Hai Precision Industry Co (鴻海精密) gained NT$1, or 0.7 percent, to NT$136. The nation's largest electronics manufacturer agreed to buy Eimo Oyj, a Finnish cellular phone cover maker, for 67 million euros (US$73 million) in cash to boost its presence in the mobile-phone industry.

Uni-President Enterprises Co (統一企業) was unchanged at NT$11.40, after rising as much as 1.8 percent.

The company said it may sell as much as US$100 million of overseas bonds exchangeable into shares of tinplate-making affiliate Ton Yi Industrial Corp (統一實業) in the fourth quarter.

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