Fri, Nov 19, 2004 - Page 11 News List

Foreign buying and Wall Street rally give TAIEX a boost

AP , TAIPEI

Stocks ended higher yesterday on continued foreign buying ahead of changes in Morgan Stanley Capital International's global indexes and gains on Wall Street overnight.

The TAIEX ended 20.81 points, or 0.4 percent, higher at 6,049.49 in dealings valued at NT$102.9 billion (US$3.2 billion). Advancers outnumbered decliners nearly two to one.

The NASDAQ Composite Index closed up 1.0 percent in New York trading as computer-related stocks rose after a better-than-expected earnings report from Hewlett-Packard late on Tuesday.

"The US market is strong and there's no reason the Asian markets should come down," said Roel Leuterio, a researcher at Masterlink Securities Corp (元富證券).

Dealers said yesterday's rally carried over from Wednesday, when the benchmark index rose 2 percent to its highest level since Oct. 11 in heavy trading.

Vanguard International Semiconductor Corp (世界先進) rose 7 percent to NT$21.4, and Realtek Semiconductor Corp (瑞昱半導體) gained 4.8 percent to NT$37.30.

Chip giant Taiwan Semiconductor Manufacturing Co (台積電) closed up 1.6 percent at NT$50.5.

Flat-panel makers rallied for a second straight day on hopes global demand for large liquid-crystal display (LCD) screens will outweigh supply by the end of the second quarter next year.

Quanta Display Inc (廣輝電子) rose 4 percent to NT$18.2 and Chunghwa Picture Tubes Ltd (中華映管) gained 1.5 percent to NT$13.69.

Bigger rival AU Optronics Corp (友達光電) ended the day flat at NT$41.7, having risen 6.9 percent on Wednesday. In US trade overnight, AU's American Depositary Receipts surged 11.7 percent.

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