The TAIEX gained for a fourth day yesterday. Taiwan Semiconductor Manufacturing Co (TSMC,
The TAIEX added 5.38, or 0.1 percent, to 6,605.85, for a four-day gain of 2.6 percent. About the same number of stocks gained and declined. Taiex Futures for February delivery were unchanged at 6,615.
About 8.7 billion shares changed hands, 89 percent above the average daily trading in the past three months.
TSMC rose NT$0.50, or 0.8 percent, to NT$63. The company's board yesterday approved a NT$2 dividend for last year in the form of cash and shares. TSMC plans to offer a stock dividend of NT$1.40 plus a cash dividend of NT$0.60 a share, compared with the NT$0.80 stock dividend the company paid for 2002 profit.
Tainan Business Bank (台南企銀), a Tainan-based regional lender, gained NT$0.85, or 6.6 percent, to NT$13.70. It may invite six banks to buy each other's shares to help block a takeover attempt by King's Town Construction Co (京城建設), a Chinese-language newspaper reported, citing people it didn't identify at Tainan Business.
The bank said it's unaware of a potential takeover attempt by the owner of King's Town.
"Financial industry consolidation is expected to push many financial stocks higher this year," said Tracy Chen, who oversees US$73 million at Prudential Securities Investment (保誠投信).
King's Town, which develops property in the south, rose NT$3.50, or 6.1 percent, to NT$60.50.
China Development Financial Holding Corp (中華開發金控) gained NT$0.70, or 3.9 percent, to end at NT$18.90.
Chinatrust Financial Holding Co (中信金控) said earlier this month its affiliated companies such as China Life Insurance Co (中國人壽) and KGI Securities Co (中信證券) may buy China Development.
* TSMC rose 0.8 percent to close at NT$63.
* Tainan Business Bank gained 6.6 percent to finish at NT$13.70
* China Development Financial Holding Corp rose 3.9 percent to end at NT$18.90.
* President Chain Store Corp gained 6.2 percent to close at NT$69
* KGI Securities rose 6 percent to finish at NT$17.60.
China Life Insurance said it does not rule out the possibility of buying more shares of China Development Financial, the paper reported eysterday. KGI Securities gained NT$1, or 6 percent, to NT$17.60. China Life rose NT$0.60, or 2.6 percent, to NT$24.
President Chain Store Corp (統一超商) gained NT$4, or 6.2 percent, to NT$69 after saying it plans to set up a drugstore venture in Shenzhen with the first store to open in the second quarter.
President Chain expects to control at least 65 percent of the 50 million yuan (US$6 million) ven-ture, with Guandong-based Livzon Pharmaceutical Group taking the rest, its chief financial officer Fred Chen said (陳福唐).
RSS