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TSMC, UMC lead gainers on back of Intel sales forecast

Stocks rose for the first day in three yesterday. Taiwan Semi-conductor Manufacturing Co (台積電) and United Microelectronics Corp (聯電) climbed after Intel Corp raised its third-quarter sales forecast for the second time in two weeks.

AU Optronics Corp (友達光電), the world's No. 3 maker of flat-panel displays for personal computers, advanced after saying last month's sales surged 58 percent from a year earlier.

However, the financial sector lost steam as investors exercised caution to await a decision by legislators on the revision of the Financial Restructuring Fund bill.

"There is no doubt the technology sector has recovered, as demand for electronics im-proved," said Yu Reming, who oversees the equivalent of US$4.2 billion in stocks at Prudential Securities Investment Trust Co (保誠投信).

"The real question now is what valuations you place on those technology stocks and how strong you think the recovery is," he said.

The TAIEX added 13.40, or 0.2 percent, to 5,639.03. The index lost 0.2 percent for the week, its first weekly decline in four week. More than two stocks declined for every one that gained. The futures contract for September delivery rose 0.5 percent to 5,683.

About 3.2 billion shares changed hands, or 34 percent below the average volume in the past three months. Shares worth NT$79 billion were traded.

TSMC jumped NT$2, or 3 percent, to NT$68. UMC gained NT$0.30, or 1.1 percent, to NT$28.

AU Optronics rose NT$020, or 0.5 percent, to NT$42.90. BenQ Corp (明基電腦) rose NT$070, or 1.5 percent, to NT$48.70. MediaTek Inc (聯發科技) rose NT$1, or 0.3 percent, to NT$351.
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