Fri, Dec 17, 2004 - Page 11 News List

Foreign investors avoid chipmakers before Christmas

AP , TAIPEI

Shares ended yesterday slightly higher, tracking overnight gains on Wall Street, analysts said.

The TAIEX finished 16.65 points, or 0.3 percent, higher at 6,019.23 in dealings valued at NT$84.31 billion (US$2.60 billion).

Advancers outnumbered de-cliners 372 to 297, while 172 issues ended the day unchanged.

"The bourse is consolidating on a slow news day, with foreign investors noticeably absent from semiconductor shares in the week before Christmas," said Diana Wu, an analyst at Capital Securities Co (群益證券).

Taiwan Semiconductor Manu-facturing Co (台積電) rose 0.4 percent to NT$50 after its American Depositary Receipts (ADRs) added 0.6 percent overnight. Its rival United Microelectronics Corp (聯電), however, fell 0.5 percent to NT$20.2 despite a 2.1 percent gain in its ADRs.

Some liquid-crystal-display makers benefited from improving sentiment, while others were hit by profit-taking after leading Wednesday's rally, analysts said.

Quanta Display Inc (廣輝電子) rose 1.1 percent to NT$19, while Chi Mei Optoelectronics Corp (奇美電子) dropped 1.1 percent to NT$43.3.

Yulon Motor Co (裕隆汽車) rose 0.3 percent to NT$36.9 after it signed a memorandum of understanding with General Motors Corp to form a joint venture.

The financial subindex climbed 0.8 percent on hopes the legislature will pass a bill in the current session that would increase the size and function of the Financial Restructuring Fund (金融重建基金), Wu said.

Taishin Financial Holding Co (台新金控) rose 1 percent to NT$29.8, and Fubon Financial Holding Co (富邦金控) jumped 3.2 percent to NT$32.7.

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