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Taiwan Kolin leads shares to another 41-month high

Shares ended at a new 41-month high yesterday as retail investors bought stocks amid optimism over the country's economy, analysts said.

Stocks of companies likely to benefit from stronger domestic demand led the gains, including Kolin Co (歌林), a home appliance maker whose large property holdings are expected to appreciate in value in line with an economic upturn.

The TAIEX added 35.10, or 0.53 percent, to 6,600.47, the highest since Sept. 27, 2000. Gainers outnumbered decliners 517 to 282 with 158 unchanged in trading valued at NT$170.86 billion (US$5.13 billion).

"Retail investors just won't get off the bandwagon. They're now in high spirits," said Jack Shih, assistant vice president at Daiwa Securities SMBC-Cathay.

Taiwan Kolin surged by the daily limit of 7 percent to NT$10.75, with investors attracted by the potential upside for the value of its land assets. Taiwan Fertilizer Co (台肥), another company with large property holdings, gained 3.6 percent to NT$32.

The financial sector continued to attract investor interest, though the focus has shifted to smaller banks considered inexpensive, dealers said.

Taiwan Business Bank (台灣企銀) rallied 6.1 percent to NT$14.80, while Far Eastern International Bank (遠東商銀) gained 2.1 percent to NT$19.10.

Dynamic random access memory chip makers were mostly higher.

Nanya Technology Corp (南亞科技) rose 0.4 percent to NT$23.30, while Mosel Vitelic Inc (茂矽) added 3.7 percent to NT$3.63.

Chip giant Taiwan Semiconductor Manufacturing Co (台積電) ended unchanged at NT$62.50, with sentiment hurt by foreign investors' heavy sales of the stock Monday. Rival United Microelectronics Corp (聯電) closed up NT$0.10 at 30.20,
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