Wed, Feb 11, 2004 - Page 11 News List

TAIEX rises, led by good news for Fubon Financial

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Stocks gained for the fourth day yesterday, led by Fubon Financial Holding Co (富邦金控) after a Chinese-language newspaper reported that the Taipei-based company received permission to buy a Hong Kong lender.

Hon Hai Precision Industry Co's (鴻海精密) share price declined after it said sales had dropped last month from the previous month.

The TAIEX added 25.25, or 0.4 percent, to 6,488.34 for a four-day gain of 4 percent. Eight stocks rose for every three that declined. TAIEX Futures for February delivery gained 0.1 percent to 6,475.

Fubon Financial has received approval from Hong Kong authorities to buy International Bank of Asia (港基銀行), the newspaper said, citing unidentified sources in Hong Kong. Fubon gained 1.3 percent to NT$32.10.

Hon Hai Precision, the nation's largest electronics maker by sales, shed 2 percent to NT$150 after saying sales last month dropped 27.8 percent to NT$25.5 billion.

China Airlines (華航) gained 5.4 percent to NT$19.50 after saying sales last month rose 16 percent to NT$7.7 billion from a year ago, boosted by the Lunar New Year holiday.

China Airlines carried about 23 percent more passenger and added about 200 flights between Jan. 15 and Feb. 14 to accommodate increased demand during the holiday period.

Revenue from cargo rose 2 percent last month, said Joseph Wu (武志厚), a spokesman for the company

China Development Financial Holding Corp (中華開發金控) gained 0.6 percent to NT$17.50.

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