Fri, Aug 27, 2004 - Page 10 News List

Storm sends local shares sharply higher


Shares ended sharply higher for a fifth straight session yesterday, boosted by Wall Street's strength and a pullback in oil prices.

The TAIEX closed up 152.42 points, or 2.7 percent, at 5813.39, an eight-week high. The index's previous high was 5836.91 on July 1.

Advancers well outnumbered decliners 667 to 87 with 131 stocks unchanged. Turnover rose to NT$118.84 billion (US$3.5 billion).

On the foreign exchange market, the New Taiwan dollar fell NT$0.007 to close at NT$34.075 against the US dollar with a turnover of US$730 million.

Local financial markets had been closed the past two days for Typhoon Aere. Cement stocks were up on expectations that rebuilding in areas hit by the typhoon will spur demand for construction materials. Taiwan Cement Corp (台泥), rose 4.1 percent to NT$16.5, while its smaller rival Asia Cement Corp (亞泥) gained 4.1 percent to NT$17.9.

Powerchip Semiconductor Corp (力晶半導體), Taiwan's largest DRAM chipmaker, rose by the 7 percent daily limit to NT$25, and peer Nanya Technology Corp (南亞科技) jumped 6.9 percent to NT$26.40, following a local newspaper report that spot prices for DRAM chips are expected to rise due to the typhoon.

"There were signs foreign institutional investors actively bought local tech heavyweights during the session," said Hsiuli Lee of Franklin Templeton First Taiwan.

Taiwan Semiconductor Manu-facturing Co (台積電) advanced 3.4 percent to NT$48.60, and United Microelectronics Corp (聯電) climbed 3.5 percent to NT$23.90.

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