Wed, Jul 07, 2004 - Page 11 News List

Chunghwa Telecom leads TAIEX rise, amid thin trading

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The TAIEX rose for the first day in four yesterday. Chunghwa Telecom Co (中華電信) led gains after the company said it signed up twice its monthly average of new subscribers for high-speed Internet.

The TAIEX added 73.79, or 1.3 percent, to 5,733.57, halting a three-day, 3.1 percent decline. About two shares rose for each that fell. Futures for July delivery advanced 1.3 percent to 5,667.

However, trading declined to NT$41.17 billion (US$1.21 billion) from NT$43.86 billion (US$1.3 billion) Monday.

"Chunghwa Telecom's bullish sales report triggered hopes that some companies might unveil solid June sales," said Jim Chang, a fund manager at Barits Securities Investment Trust Co (倍利投信).

Chunghwa Telecom rose 1.8 percent to NT$58. The company said it signed up 60,000 high-speed Internet users last month after cutting prices.

MediaTek Inc (聯發科技), the country's largest semiconductor designer, rose 1.5 percent to NT$263, after saying it will sell its first chips for mobile phones in the fourth quarter this year as profit growth slows for its main products used in DVD players.

MediaTek on Feb. 5 said it expected its first mobile-phone chips to account for about a 10th of its sales this year.

The company's sales of mobile phone chips may not reach an earlier target of a 10th of MediaTek's revenue this year, spokeswoman Sophia Liang said, responding to a Chinese-language newspaper report. She declined to say how many potential customers will evaluate samples of the chips.

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