Foreign investors avoid chipmakers before Christmas

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.