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Share prices up as foreign purchases lure investors back

Shares ended slightly higher yesterday, with retail investors returning to the market after net purchases from foreign investors the day before, traders and analysts said.

The TAIEX rose 16.30 points, or 0.3 percent, to close at 5,958.38, in trading valued at NT$77.96 billion (US$2.31 billion).

Gainers beat decliners 468 to 322, while 180 stocks ended unchanged.

The TAIEX futures for June delivery fell 0.5 percent to 5,841.

Foreign investors, who had been net sellers of stocks for weeks, purchased a net NT$80.29 million worth of shares on Monday, analysts said.

"That was quite encouraging, as far as retail investors are concerned," said Nicholas Chai, an Insight Pacific Research manager.

Among the best performers, AU Optronics Corp (友達光電), the nation's largest flat-panel maker, rose 2.3 percent to end at NT$67.5. Investors were betting that AU Optronics' shares will find strong support after the company pays dividends for last year tomorrow, dealers said.

However, analysts said rising oil prices would limit gains in the coming days.

AU Optronics' rival Chi Mei Optoelectronics Corp (奇美電子) rose 2.9 percent to NT$72.

Taiwan Semiconductor Manu-facturing Co (台積電), the world's largest supplier of made-to-order computer chips, rose 0.9 percent to NT$54.50. Rival United Micro-electronics Corp (聯電) added 0.7 percent to NT$27.30.

China Steel Corp (中鋼) rose 1.4 percent to NT$29.7. The steelmaker is expected to raise domestic prices for the third quarter, which would be its 10th straight quarterly hike.
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