Sat, Sep 11, 2004 - Page 11 News List

Stocks lag behind US tech rally, end day slightly higher

AP , Taipei

Shares ended with slim gains yesterday, with flat-panel and memory-chip makers weakening on worries over product pricing and demand, analysts said.

The TAIEX finished 3.26 points, or 0.1 percent, higher at 5,846.19 in trading valued at NT$82.81 billion (US$2.44 billion).

Decliners outnumbered advancers 375 to 280, while 186 issues ended the day unchanged.

"The market's confidence really sagged after the US tech rally failed to catch on locally," said Daniel Hsin (辛日祺), senior vice president at Capital Securities Corp (群益證券).

The NASDAQ composite index gained 1 percent overnight, while the Philadelphia Semiconductor Index jumped 5.4 percent on stronger earnings projections by a few firms and cell phone giant Nokia's better third-quarter view.

Hon Hai Precision Industry Co (鴻海精密), one of the world's largest contract electronics manufacturers, rose 2.2 percent to NT$117. BenQ Corp (明基電通), one of the nation's top tech brand names and a leading mobile phone manufacturer, was up 0.6 percent at NT$35.50. Hon Hai does some contract work for Nokia, and there are rumors in the market that BenQ has recently won contracts from the mobile phone giant as well, analysts said.

Taiwan Semiconductor Manufacturing Co (台積電), the world's largest contract chipmaker, gained 2.1 percent to NT$44.60 after its American Depositary Receipts (ADRs) added 3.8 percent overnight. Rival United Microelectronics Corp (聯電) climbed 0.5 percent to NT$21.80, on a 3.1 percent rise in its ADRs.

Hannstar Display Corp (瀚宇彩晶) led makers of liquid-crystal displays in active trade, dropping 5.2 percent to NT$11.80.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top