Wed, Nov 24, 2004 - Page 11 News List

Rebound dampened by dollar worries, vaulting oil prices

AFP , TAIPEI

Shares closed 0.22 percent higher in quiet trade yesterday after a modest technical rebound was undercut by ongoing concerns over the weak US dollar and high oil prices, dealers said.

They said the market overall looked likely to trade around current levels, especially after foreign investors turned net sellers on Monday, the first time they had done so for some three weeks.

That could suggest the positive impact of the planned increased higher weighting for Taiwan in the key investor indices compiled by Morgan Stanley Capital International Inc may have run its course, leaving the market on hold for the time being.

The TAIEX closed up 12.68 points at 5,851.10, on turnover of NT$59.64 billion (US$1.84 billion).

Decliners led risers 335 to 259, with 173 stocks unchanged.

Five stocks closed limit-down and three limit-up.

"Both domestic and foreign investors took a breather after yesterday's drastic downturn," commented Jih Sun Securities Investment (日盛投信) assistant vice president Michael Hsu (許派一).

Hsu noted that Monday's net selling by foreign investors -- the first in almost three weeks -- was due largely to hedge fund activity.

Taiwan Semiconductor Manufacturing Co (台積電) closed up NT$0.20 at NT$48.40 while United Microelectronic Corp (聯電) was down NT$0.20 at NT$20.40.

Flat-panel makers staged a modest comeback, with AU Optronics Corp (友達光電) up NT$0.40 at NT$39.50 and Chi Mei Optronics Corp (奇美電子) up 0.90 at 38.90.

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