Wed, Feb 16, 2005 - Page 11 News List

Stocks gain for fourth session, NT dollar closes high


Stocks gained for a fourth session. Hon Hai Precision Industry Co (鴻海精密) rose after it said its parent Hon Hai Group may buy Chi Mei Communication Systems Inc (奇美通訊) to boost its ability to design mobile phones.

The TAIEX added 9.99, or 0.2 percent, to 6,122.39. The benchmark climbed 2.4 percent in four sessions. About seven stocks declined for every six that gained. Futures due this month fell 0.1 percent to 6,123.

The New Taiwan dollar had its strongest close since October 2000 as overseas investors extended purchases of stocks from a record amount on Monday.

Global money managers bought a net NT$12 billion (US$380 million) of shares after a record net NT$20.45 billion on Monday, when the benchmark index had its highest close in six weeks.

``The stock market's performance has been good, and there was record stock demand by foreigners, so there's pressure on the [New] Taiwan dollar to strengthen,'' said Pory Shih, a currency trader at Chang Hwa Commercial Bank (彰化銀行).

The NT dollar rose 0.2 percent to NT$31.59 against its US counterpart, its highest close since Oct. 12, 2000, according to Taipei Forex Inc.

On the local bourse, Hon Hai Precision rose 1 percent to NT$146. Chi Mei Optoelectronics Corp (奇美電子) rose 0.9 percent to NT$47 after January sales climbed 21 percent from a year earlier to NT$8.63 billion, the company said in a statement to the Taiwan Stock Exchange.

Taiwan Semiconductor Manufacturing Co (台積電) rose 0.9 percent to NT$55 after the company reported sales rose 8.8 percent last month.

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