Tue, Oct 28, 2003 - Page 11 News List

TSMC and AU Optronics lead TAIEX gainers


Stocks gained for the first day in five yesterday. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) rose on optimism the company will report a more than fourfold increase in third-quarter profit today.

The TAIEX added 40.41, or 0.7 percent, to 5,958.55, ending its four-day 2.6 percent decline. The futures index added 0.7 percent to 6,000.

About seven stocks gained for every four that declined. About 6 billion shares changed hands, 38 percent below the average daily trading in the past three months.

TSMC added NT$1, or 1.6 percent, to NT$65.50. The company may say today that net income soared to NT$13.8 billion (US$406 million) from NT$3.2 billion a year ago, analysts said.

"Solid corporate fundamentals will fuel another rally in Taiwan," said Eddie Chiu, a fund manager at First Global Investment Trust Co (元大投信).

Teco Electric & Machinery Co (東元電機), a maker of household appliances, gained NT$0.20, or 1.7 percent, to NT$11.80 after a Chinese-language newspaper reported it plans to sell 120 million shares in United Microelectronics Corp (UMC, 聯電), citing Teco chairman Theodore Huang (黃茂雄).

Teco, the second-biggest institutional shareholder of UMC, has no timetable to sell the shares, and the plan is subject to market sentiment, the newspaper said, citing Teco chairman Huang Mao-hsiung.

UMC rose NT$0.30, or 1 percent, to NT$30.70.

Walsin Technology Corp (華新麗華), the second-largest domestic maker of parts that control the flow of electricity in electronic products, was unchanged at NT$28.20.

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