Wed, Dec 10, 2003 - Page 11 News List

TAIEX gains on report showing rise in exports

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Stocks gained, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), after a government report showed exports rose at their fastest pace in nine months.

"Taiwan and the region's export outlook remain bright, as the improving economic climate for both the US and China feeds into demand for exports," Grace Ng, a Hong Kong-based economist at Goldman Sachs Group Inc wrote in a research note.

The TAIEX rose 12.41, or 0.2 percent, to 5,859.56. Six stocks dropped for every five that rose. The Taiwan Futures Index rose 0.5 percent to 5,875. The value of trade was NT$58.2 billion (US$1.7 billion), 34 percent lower than the daily average in the past three months.

TSMC, the world's biggest supplier of made-to-order semiconductor chips, rose NT$1, or 1.6 percent, to NT$64.50. The company's sales jumped 27 percent to NT$18.5 billion last month from the same period a year earlier, it said after the market closed yesterday.

Chunghwa Picture Tubes Ltd (中華映管) rose NT$0.05, or 0.3 percent, to NT$14.95. Taiwan's third-largest maker of flat-panel displays used in computers and televisions said it expects to make a pretax profit of NT$1.08 billion this year, compared with a previous forecast of a pretax loss of NT$635 million.

Chunghwa Telecom Co (中華電信) fell NT$0.70, or 1.4 percent, to NT$48. Taiwan Cellular Corp (台灣大哥大) rose NT$0.20, or 0.7 percent, to NT$28.80.

Taiwan Cellular said its board approved a plan to sell a stake in rival Chunghwa Telecom after a strategy for a link-up between the two companies couldn't be implemented.

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