Wed, Dec 15, 2004 - Page 11 News List

TAIEX closes up, but trading volume hit one-month low

AP , TAIPEI

Technology issues led Taiwan shares to a slightly higher finish yesterday, but volume slumped to a one-month low as investors waited for direction after the weekend's legislative elections, analysts said.

The TAIEX finished 30.76 points, or 0.5 percent, higher at 5,909.65. Volume shrunk to NT$47.35 billion (US$1.45 billion), its lowest level in more than a month. On Nov. 11, NT$46.03 billion (US$1.41 billion) worth of shares changed hands.

Advancers outnumbered decliners 466 to 193, while 177 issues ended the day unchanged.

"Wall Street provided a small boost to the tech sector, but on the whole investors would rather stay out of the game until it becomes more clear where the bourse is going," said Andrew Teng (鄧安瀾), a manager at Taiwan International Securities Corp (金鼎證券).

AU Optronics Corp (友達光電), Taiwan's largest flat-screen display maker, rose 1.7 percent to NT$43.2 after its American Depositary Receipts rose 3.7 percent overnight.

Elliot Chung, an analyst at Fubon Securities Investment Services (富邦投信), said improving domestic consumer demand also helped the shares move higher. Flat-screen product sales were stronger than expected in last week's IT Month trade show, which targeted local consumers, Chung said.

Taiwan Semiconductor Manufacturing Co (台積電), the world's largest contract chip maker, finished 1.1 percent higher at NT$48.1 after its ADRs rose 2.3 percent.

Its closest rival, United Microelectronics Corp (聯電), was up 1 percent at NT$20 on a 0.3 percent gain in its ADRs.

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