Tue, Sep 27, 2005 - Page 11 News List

Asustek Computer, exporters lead gainers on TAIEX

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Stocks rose for the first day in four. Exporters such as Asustek Computer Inc (華碩電腦) and AU Optronics Corp (友達光電) gained after oil prices fell as US refineries were spared a direct hit from Hurricane Rita.

"It's a relief that Hurricane Rita didn't do as much damage as expected," said Charles Chen, who manages the equivalent of US$150 million at JF Asset Management Taiwan.

Mega Financial Holding Co (兆豐金控) led declines among some of the biggest financial companies after overseas investors sold more of Taiwan's equities than they bought on concern plans to overhaul the banking industry were stalling.

The TAIEX advanced 4.66, or 0.1 percent, to close at 5,930.20, after falling as much as 0.5 percent. About five stocks rose for every six that declined.

Asustek Computer, the nation's largest maker of boards that connect the chips in personal computers, gained NT$2.20, or 2.6 percent, to NT$88.50.

AU Optronics, the world's third-largest maker of flat-panel displays used in computers and televisions, gained US$0.80, or 2 percent, to NT$41.30.

Crude oil for November delivery fell as much as 2.4 percent to US$62.65 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

Refineries near Houston escaped a direct hit from Hurricane Rita, easing concern that storm damage will cripple the industry's ability to meet fuel demand.

The government may review its financial industry reform plans after failing to sell state-controlled Taiwan Business Bank (台灣企銀) earlier this month, a Chinese-language business daily reported.

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