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TSMC, Cathay lead advancers on hopes for semiconductors

Stocks rose yesterday, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and United Microelectronics Corp (UMC, 聯電) after a trade group said demand in the computer-chip industry is growing.

"The semiconductor sector is booming, fueled by demand for consumer electronic products such as liquid crystal displays and handsets," said Eddie Chiu, a fund manager at First Global Investment Trust Co (元大投信).

Cathay Financial Holding Co (國泰金控) and Fubon Financial Holding Co (富邦金控) advanced after the government said it will let insurers invest in Chinese rivals as regulations governing the financial industry on both sides of the Taiwan Strait are relaxed.

The TAIEX climbed 20.79, or 0.3 percent, to 6,799.97, on turnover of NT$149.46 billion (US$4.54 billion). About three stocks declined for every two that gained. Taiwan Index futures due in April added 0.4 percent to 6,839.

TSMC rose NT$1.5 to NT$61, while UMC climbed NT$0.6 to NT$32.10.

Cathay Financial rose NT$1.5 to NT$64. Fubon Financial, the country's largest property insurer, advanced NT$0.30 to NT$34.30.

While TFT-LCD panel makers suffered profit-taking, liquidity shifted to bellwether wafer foundries and dynamic random-access memory (DRAM) makers.

"The bourse experienced rotational play today given an absence of major fresh leads," said Michael Hsu (許派一), an assistant vice president with Jih Sun Securities Investment Consulting Co (日盛投顧).

Winbond Electronics Corp (華邦電子) rose NT$0.30 to NT$21.70 and Powerchip Semiconductor Corp (力晶半導體) was up NT$0.40 at NT$37.40.
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