Tue, Mar 22, 2005 - Page 11 News List

Shares rebound from last week's almost 2.6% decline

AP AND BLOOMBERG. TAIPEI

Shares closed higher yesterday, rebounding from a nearly 2.6 percent decline last week.

The TAIEX finished 15.01 points, or 0.2 percent, higher at 6,058.96. Advancers outnumbered decliners just 430 to 420, while 162 issues ended the day unchanged.

The New Taiwan dollar dropped for a seventh day on speculation international investors unloaded their Taiwanese stocks. The local currency slid 0.5 percent to NT$31.294 against the greenback.

Global investors were net sellers of the country's stocks for a sixth day yesterday, selling a net US$120 million, according to stock exchange figures.

Technology issues led the rebound as investors bargain hunted in selected issues, such as chip designer MediaTek Inc (聯發科技), which rose 5.4 percent to NT$235, and chip packaging and testing company Powertech Technology Inc (力成科技), which closed up 4.1 percent at NT$96.5.

Powertech gained after rival ChipMOS Technologies (Bermuda) Ltd's (南茂科技) shares surged nearly 16 percent in the United States on Friday. The companies are rising on expectations a new memory chip that requires an expensive process to test for defects and to package in protective material will boost their earnings this year.

Chipmaker United Microelectronics (UMC, 聯電) added 0.5 percent to NT$19 after its chairman said the firm has negotiated a settlement with He Jian Technology (Suzhou) Co (和艦科技) for a 15 percent stake valued at US$110 million as compensation for helping to set up the Chinese semiconductor firm.

Digital camera maker Premier Image Technology Corp (普立爾) ended up 6.9 percent at NT$35.55.

This story has been viewed 2938 times.
TOP top