Stocks rally on tech outlook
Shares rose to their highest level in more than a year Thursday, as the sustained rally attracted small investors and tech stocks gained on improved earnings expectations.
The TAIEX rose 30.31 points, or 0.5 percent, to 6,282.41, the highest closing level since April 29 last year, when the index finished at 6,402.21.
Technology stocks were the most active and the sector was one of the day's best performers, accounting for around 74 percent of trade.
Paul Wang, a trader with KGI Securities (中信證券), said electronics shares were expected to dominate the market in the coming weeks due to general optimism over technology companies' third-quarter sales.
The electronics subindex finished up 1 percent.
United Microelectronics Corp (聯電), the world's second-biggest contract chipmaker, rose 2.9 percent to NT$23.25. Its larger rival, Taiwan Semiconductor Manufacturing Co (台積電), ended 1.6 percent higher at NT$55.9.
The tourism subindex fell 2.5 percent as investors cashed in their profits on tourism shares that had outperformed over the last month, dealers said.
Biotech group heads to US
A Taiwanese biotechnology delegation will participate in the BIO 2005 Annual International Convention to be held Friday through Wednesday in Philadelphia, according to officials from the Cabinet-level Science and Technology Advisory Group.
Under the coordination of Minister without Portfolio Lin Ferng-ching (林逢慶), the Taiwanese delegation will for the first time cooperate with 15 other countries at the "Bio 2005 International Seminar" in which Chen Chao-yih (陳昭義), director-general of the Industrial Development Bureau under the Ministry of Economic Affairs, and Johnsee Lee (李鐘熙), president of the Industrial Technology Research Institute, will report on Taiwan's biotechnology development and perspectives to representatives from more than 60 countries.
First Financial expects profit
First Financial Holding Co (第一金控), the nation's fifth-largest financial services company, said it expects to post a profit for this year of NT$15.7 billion (US$500 million), or NT$2.69 per share.
First Financial expects to book a profit of NT$5.3 billion from selling its property insurance unit, the company said in a filing to the Taiwan Stock Exchange yesterday.
The company posted a NT$10.3 billion profit last year, according to the exchange Web site.
Art showcased at licensing fair
Taiwan is preparing to take part in the Licensing 2005 International, to be held in New York June 21-23, to showcase original works done by Taiwan's artists, illustrators, graphic designers and photographers, a source from the Ministry of Economic Affairs (MOEA) said yesterday.
Over 100 pieces of original works will be on display in the Taiwan pavilion, which is dubbed "Art in Taiwan," along with 400-odd exhibitors from around the world at the Licensing 2005 International, the 25th of its kind, to be held at the Jacob K. Javits Convention Center in New York City, said Huang Kuo-chun (黃國俊), director of the MOEA's Digital Content Industry Promotion Office.
NT dollar declines
The New Taiwan dollar yesterday traded lower against its US counterpart, declining NT$0.030 to close at NT$31.415 on the Taipei foreign exchange market.
Turnover was US$626 million, up from US$550 million the day before.
RSS