Sun, Aug 24, 2003 - Page 10 News List

Asian benchmarks start to roll

EXPORT-LED RECOVERY Major indexes throughout the region rose this week, as Taiwan saw its thirteenth weekly gain in 16 weeks, led by Chunghwa Telecom and TSMC

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The TWSE jumped 2.9 percent to 5646.62 this week. The index has had only three weekly declines in the last 16 weeks.

Chunghwa Telecom, the nation's dominant phone company, added 0.8 percent to NT$48.10. It posted a 4.8 percent gain in second-quarter profit after use of its mobile-phone and data services increased.

Cheung Kong, Hong Kong's biggest property company by market value, surged 12 percent to HK$58.75, its biggest weekly gain since October. The company reported its first half-year profit increase in three years as income from property climbed.

China Unicom Ltd, the nation's second-largest mobile-phone service provider was the biggest weekly gainer on the Hang Seng, adding 14 percent to HK$6.05. Unicom said this week it added 1.74 million new subscribers in July, the highest since April, as demand rebounded following the end of the SARS outbreak.

In India, the benchmark Sensitive Index climbed above 4000 for first time in two-and-a-half years, gaining 5.2 percent for the week, its 12th weekly advance in 13.

Hindustan Lever Ltd, the nation's largest maker of consumer goods, led the gains on the Sensex, on optimism monsoon rains will help lift farm income, boosting economic growth and corporate profit. Hindustan Lever added 4.9 percent for the week.

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