Tue, Sep 13, 2005 - Page 11 News List

Tech shares lead rally on back of Wall Street's rise

AFP , TAIPEI

Share prices closed 0.75 percent higher yesterday in line with firmer regional markets on the back of Wall Street's rally on Friday, dealers said.

Heavyweight tech stocks gained on expectations of further sales growth, while financial and old-economy stocks came under pressure, they said.

The weighted index closed up 45.92 points at 6,164.98, after trading between 6,130.99 and 6,166.11, on turnover of NT$66.48 billion (US$2.03 billion).

The tourism sector was up 1.79 percent and electronics rose 1.59 percent while the petrochemical sector was down 0.41 percent.

Fubon Securities Corp (富邦證券) senior vice president Frank Lin said the benchmark index benefited from Wall Street's strength on Friday and gains in major Asian markets, especially Japan.

Technology stocks were in focus on hopes for further sales growth, he said.

"More than 300 listed firms recorded all-time high sales in August, boosting hopes for solid technology sales ... ahead of the Christmas [shopping] season," Lin said.

Taiwan Semiconductor Manu-facturing Co (台積電) closed up NT$1.10 at NT$52.70 following gains in its New York listed shares while rival United Microelectronics Corp (聯電) rose NT$0.35 to NT$20.75.

AU Optronics Corp (友達光電) gained NT$0.45 to NT$48.55 but Chi Mei Optoelectronics Corp (奇美電子) fell NT$0.10 to NT$40.15, with late selling offsetting earlier gains on a report that both are expected to benefit from Sony Corp's marketing of a new "Bravia" family of television sets fitted with liquid crystal display (LCD) screens.

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