Thu, Nov 11, 2004 - Page 11 News List

Gains in flat panel and chip stocks help boost TAIEX

AP , TAIPEI

Shares ended marginally higher yesterday, as gains in the technology sector offset losses in selected non-tech stocks, dealers said.

The TAIEX rose 3.29 points, or 0.1 percent, at 5,948.49. Advancers outnumbered decliners 335 to 249 with 202 stocks unchanged.

Turnover rose to NT$67.08 billion (US$2.02 billion) from NT$53.18 billion on Tuesday.

"Market participants focused their attention on tech issues like flat panel and DRAM stocks," said Hsiuli Lee, a manager at Franklin Templeton First Taiwan.

The technology subindex ended 0.4 percent higher, with flat panel and chip stocks leading the rise. Shares in AU Optronics Corp (友達光電), the world's third-largest flat screen maker, added 2.2 percent to NT$37.80, while industry No.4 Chi Mei Optoelectronics Corp (奇美電子) gained 1.7 percent to NT$37.

Shares in Powerchip Semiconductor Corp (力晶半導體), the country's largest DRAM maker, finished 2.2 percent higher at NT$23.50.

Analysts still doubted the advance of technology shares would last for long.

"I don't think concerns over the sector's outlook for 2005 have eased," Lee said.

The transportation subindex ended down 1.4 percent on freight rate concerns.

Wan Hai Lines (萬海航運), a major shipper in Asia, fell 3 percent to NT$32.20 after a Chinese-language business daily reported the company expects freight rates to start falling in the second half of next year, citing company vice chairman Chen Po-ting (陳柏廷).

Evergreen Marine Corp (長榮海運) slipped 2.2 percent to NT$31 and Yang Ming Marine Transport Co (陽明海運) closed 2.3 percent lower at NT$30.10.

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