Sat, Jul 10, 2004 - Page 11 News List

Optimism drives stocks up

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Stocks advanced yesterday, lifting the TAIEX for the first day in three. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Chi Mei Optoelectronics Corp (奇美電子) led gains after saying sales surged in June.

Demand at Taiwan's technology companies usually rises between August and November, before the Christmas shopping season.

The TAIEX added 64.33, or 1.1 percent, to 5,777.72. Almost four shares climbed for each that fell. Futures for July delivery advanced 1.3 percent to 5,707.

TSMC, the world's largest supplier of made-to-order computer chips, added 2.2 percent to NT$46 after reported on Thursday that last month's sales rose 26.7 percent to a record NT$22.519 billion from a year earlier.

Chi Mei Optoelectronics, the country's second-largest maker of flat-panel displays, gained by the daily 7 percent maximum to NT$53 after the firm said Thursday its consolidated revenue rose 89 percent on year in June to NT$11.3 billion.

Its larger rival AU Optronics Corp (友達光電) jumped 4.4 percent to NT$50.00.

Transportation shares such as China Airlines (華航) declined after crude oil climbed to more than US$40 a barrel in New York for the first time in five weeks.

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