Wed, Nov 10, 2004 - Page 11 News List

Stocks close higher, led by Chi Mei and AU Optoelectronics

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Stocks rose for a third day. Chi Mei Optoelectronics Corp (奇美電子) and AU Optronics Corp (友達光電) gained after they said last month's sales climbed 23 percent from a year ago.

Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電) and Quanta Computer Inc (廣達電腦) fell after a government report showed exports rose last month at their slowest pace in seven months.

The TAIEX rose 7.74, or 0.1 percent, to 5,945.20. Futures due in November added 0.6 percent to 5,943. About five stocks declined for every four that gained.

"Flat panel makers have showed resilience despite falling product prices," said Mike Shiao (蕭光一), a fund manager at Invesco Taiwan Ltd (景順投信).

``The latest sales figures are better-than-expected,'' he said.

AU Optronics, the world's third-largest maker of flat-panel displays used in computers and televisions, gained 2.8 percent to NT$37. Last month's sales rose to NT$12.8 billion (US$288.8 million). Rival Chi Mei Optoelectronics climbed 4.6 percent to NT$36.40. Sales last month rose to NT$8.5 billion.

Quanta Computer, the world's biggest notebook computer maker, fell 0.9 percent to NT$57.50. TSMC, the world's largest supplier of made-to-order computer chips, lost 0.2 percent to NT$47.80.

Elsewhere, Asustek Computer Inc (華碩電腦), the nation's largest maker of boards that connect the chips in personal computers, fell 0.7 percent to NT$77.

The stock was downgraded to "sell/low risk" from "buy" at Citigroup Inc on concern worldwide computer sales growth will be cut by half to 7 percent next year.

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