Business Briefs

■ TAIEX gains 1 percent

Shares rose yesterday, with technology shares posting the strongest advances and the highest trading volume.

"Today's rally and increased turnover indicates investors have become more willing to buy local stocks," said Stanley Chou, a manager at Barits Investment Service.

Turnover rose to NT$81.02 billion (US$2.43 billion) from NT$65.77 billion on Wednesday.

The NT dollar closed at NT$33.219 against the US dollar.

The rally in the local currency reassured local investors who had been concerned that its recent weakness reflected capital outflows as foreign investors sold down the market, dealers said.

■ Shipping replacement named

The Ministry of Finance yesterday announced that Huang Wan-hsiu (黃望修), president of Yang Ming Marine Transport Corp (陽明海運), will take over the chairmanship of the nation's second-largest shipping line, a position left vacant by Lu Feng-hai (盧峰海).

Lu will assume the chairmanship of China Shipbuilding Corp (中船), whose former chairman Hsu Chiang (徐強) left the company in July last year.