Sat, Nov 15, 2003 - Page 11 News List

Strong late trading keeps TAIEX above 6,000 mark


The TAIEX gained yesterday, just managing to finish in positive territory as late rotational trade offset early losses seen after a weaker Wall Street overnight, dealers said.

They said there was little fresh news to drive trade, leaving the market to continue its recent consolidation as investors wait from further economic data out of the US, the country's main export market.

The TAIEX added 9.33, or 0.2 percent, to 6,044.77. For the week, the index shed 0.2 percent, its first weekly decline in three weeks. The Taiwan Futures Index dropped 0.2 percent to 6,058.

Turnover was NT$84.94 billion (US$2.50 billion). Risers led decliners 418 to 335, with 162 stocks unchanged.

SinoPac Holdings Co (建華金控) led the gains, ending 6.7 percent higher at NT$19.2, partly because of a Chinese-language newspaper reported that SinoPac had hired Goldman Sachs Group Inc as a financial adviser to find merger partners at home and overseas.

Macronix International Co (旺宏), the nation's largest maker of memory chips for electronic games, fell after its biggest customer Nintendo Co had its first loss in the first half of the year since going public in 1962.

Nintendo, the world's biggest maker of hand-held game players, reported the ?2.89 billion (US$26.7 million) first-half loss on Thursday..

"The mood nowadays can be largely described as neutral with a positive bias. That is, few want to expand positions aggressively while most refrain from cutting down holdings excessively," said Oliver Fang, assistant vice president of Yuanta Core Pacific Securities (元大京華證券).

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