Fri, Dec 03, 2004 - Page 11 News List

Electronics lead stock market as TAIEX ends higher

AP , TAIPEI

Shares ended higher yesterday in step with a surge on Wall Street caused by falling crude oil prices, dealers said.

The TAIEX finished 69.33 points, or 1.2 percent, higher at 5,867.95 in dealings valued at NT$60.35 billion (US$1.88 billion).

Advancing issues outnumbered decliners 425 to 192, while 194 issues ended the day unchanged.

The electronics subindex led the market, closing 1.4 percent higher. Chip giant Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) rose 3.5 percent to NT$48, while rival United Microelectronics Corp (聯電) climbed 2 percent to NT$20.30.

Other chipmakers also closed broadly higher after the closely watched Philadelphia Semiconductor Index shot up 3.8 percent overnight. Vanguard International Semiconductor Corp (世界先進), which counts TSMC as a major stockholder, rose 2.9 percent to NT$21.30. Advanced Semiconductor Engineering (日月光) gained 1.3 percent to NT$23.30, while rival Siliconware Precision Industries Co (矽品) jumped 3.3 percent to NT$25.30.

The financial subindex rose 1.3 percent, with Taiwan Business Bank (台灣企銀) leading the rise by posting a 3.4 percent gain to NT$12.10. China Development Financial Holding Corp (中華開發金控) ended 2 percent higher at NT$15.60, while Mega Financial Holding Co (兆豐金控) advanced 1.9 percent to NT$21.20.

Alvin Teng, a manager at Sino-Pac Securities (建華證券), said overseas funds are returning to the market after the initial sell-off following Standard & Poor's revision of Taiwan's outlook to negative from stable on Tuesday. But he said investors are unlikely to buy high amounts of local shares before the legislative elections.

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