Thu, Dec 23, 2004 - Page 11 News List

Wall Street and TSMC revisions push TAIEX higher

AP AND BLOOMBERG , TAIPEI

Shares ended higher yesterday, following Wall Street's rise overnight and led by tech heavyweight Taiwan Semiconductor Manufact-uring Co (TSMC, 台積電), analysts said.

The TAIEX rose 13.67 points, or 0.2 percent, to 6,001.52. Gainers outnumbered decliners 392 to 291, with 167 stocks unchanged.

Trading value rose to NT$68.77 billion (US$2.12 billion) from NT$53.83 billion on Tuesday.

Analysts saw recent market movements in the US and changes at one of Taiwan's top companies as the driving force behind Tuesday's rise.

"Gains on Wall Street as well as TSMC's revised dividend policy were the main supports for today's rise," said Hsiuli Lee, a manager at Franklin Templeton First Taiwan. "But market participation remained lackluster ahead of the approaching Christmas holidays."

Technology stocks were 0.2 percent higher overall, backed by gains in the contract chip pair.

TSMC rose 1.0 percent to NT$49.80 on a change to its dividend policy. TSMC said on Tuesday its shareholders had approved a proposal that the company's future dividend distributions be made preferably by cash.

United Microelectronics Corp (聯電), the world's No.2 contract chipmaker, added 0.5 percent to NT$19.90.

Meanwhile, the NT dollar strengthened for a second day after overseas investors increased purchases of the nation's equities.

Money managers abroad have purchased a net NT$23 billion (US$712 million) in Taiwanese shares since Dec. 14, according to stock exchange figures.

Net purchases today were almost three times those of yesterday.

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