TAIEX ends higher on bargain-hunting and US tech gains

Shares ended higher yesterday on bargain hunting and overnight gains in US technology stocks, analysts said.

The TAIEX closed up 33.19 points, or 0.6 percent, at 5,748.35.

Advancers outnumbered decliners 567 to 267 with 173 stocks unchanged. But turnover fell to NT$57.73 billion (US$1.82 billion) from NT$73.17 billion on Monday, reflecting investor concerns over the continued weakness of global equities markets.

"The bourse's rise was generally in step with the modest rebound on Wall Street, especially in tech stocks," said Stanley Chou, an analyst at Barits International Securities (倍利證券).

Commanding nearly 70 percent of the main board's traded value, the technology and electronics subindex was 0.5 percent higher as a whole.

AU Optronics Corp (友達光電), the world's third-largest maker of liquid crystal display panels, rose 0.1 percent to NT$46.85 after sliding 4.5 percent on Monday.

Rival Chi Mei Optoelectronics Corp (奇美電子) finished unchanged at NT$49.60. Quanta Display Inc (廣輝電子) soared 2.9 percent to NT$16.15 and Chunghwa Picture Tubes Ltd (中華映管) gained 2 percent to NT$12.90.

Shares in Mitac International Corp (神達國際) outperformed on rising expectations the computer and peripherals maker will report strong second-quarter revenue growth, analysts said. The stock closed 5.6 percent higher at NT$28.10.

Larger rival Quanta Computer Inc (廣達電腦) gained 0.4 percent to NT$50.50 and Wistron climbed 3.7 percent to NT$18.05.

Financial stocks rose 1 percent overall, as investors were looking for certainty, analysts said.