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Shares echo Wall St gains

Shares ended higher yesterday led by technology stocks after Wall Street gains on Friday.

The TAIEX closed up 82.03 points, or 1.4 percent, at 5,928.22. Gainers led decliners 513 to 185 with 143 stocks unchanged in trading valued at NT$96.57 billion (US$2.8 billion).

"There were signs foreign investors continued to buy local technology heavyweights following sharp gains in their US counterparts," said Stanley Chou, an analyst at Barits International Securities (倍立投信).

The tech-laden NASDAQ Composite Index rose 1.3 percent to 1,894.31 on Friday.

Strong buying in major chip foundry stocks pulled the technology subindex up 1.4 percent.

Taiwan Semiconductor Manufac-turing Co (台積電), the world's largest contract chipmaker, gained 2.9 percent to NT$45.90, while global No.2 United Microelectronics Corp (聯電) rose 1.8 percent to NT$22.20.

Of non-technology stocks, financial shares gained the most.

Dealers said expectations that the central bank will raise interest rates at its quarterly meeting this month pushed the financial subindex up 1.6 percent yesterday. Cathay Financial Holdings Co (國泰金控) rose 1.6 percent to NT$63 and Hua Nan Financial Holding Co (華南金控) added 2.4 percent to NT$25.80.

Shares in steel companies rose after China lifted anti-dumping tariffs on cold-rolled steel products from Taiwan to alleviate domestic shortages, analysts said.

China Steel Corp (中鋼), the nation's top steel maker, soared 3.7 percent to NT$34 and Chung Hung Steel Co (中鴻鋼鐵) rose 5.8 percent to NT$18.20.
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