Wed, Nov 17, 2004 - Page 11 News List

TSMC, BenQ lead gainers amid MSCI listing hopes

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Stocks advanced, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), on optimism Morgan Stanley Capital Interna-tional Inc will raise its weighting of the nation's shares on its benchmark indexes.

The TAIEX added 4.16, or 0.1 percent, to 5,910.85. Futures due in November shed 0.2 percent to 5,929. Two stocks declined for every one that gained.

Taiwanese companies have about 55 percent of their market value represented in MSCI indexes. MSCI said it will increase that to 75 percent at the close of trading on Nov. 30, and to 100 percent on May 31 next year. The announcement, due yesterday, might prompt money managers who benchmark some US$3 trillion of funds against MSCI's indexes to mimic the changes.

TSMC, the largest stock in the MSCI Taiwan Index, rose 1.9 percent to NT$48.40. Hon Hai Precision Industry Co (鴻海精密) rose 0.8 percent to NT$130.50.

BenQ Corp (明基電通) gained 1.2 percent to NT$32.80. It will double mobile-phone sales in China next year, the Shanghai Daily reported.

President Chain Store Corp (統一超商) fell 1 percent to NT$49.30.

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