Wed, Jan 25, 2006 - Page 11 News List

Taipei share prices rebound on Wall Street, Tokyo gains


Share prices closed 1.10 percent higher yesterday, rebounding after recent heavy losses with sentiment boosted initially by Wall Street's steadier performance overnight gains and then by a rally in Tokyo, dealers said.

They said a pick up was only to be expected after the downturn of the past few days but the damage done by some disappointing US corporate results, especially in the tech sector, may take some time to repair.

Volume was moderate as the market anticipated the Lunar New Year break which starts tomorrow. The bourse will be closed until Feb. 2.

The TAIEX rose 69.97 points at 6,451.94, on turnover of NT$74.48 billion (US$2.33 billion).

Risers led decliners 848 to 235, with 144 stocks unchanged.

"Taipei stocks staged a comeback after correcting nearly 400 points over the past few sessions," said Alex Huang, an assistant vice president at Barits International Securities (倍利國際證券).

Huang said the upturn was supported by a better Wall Street and then sharp gains in Tokyo this morning.

"There were also expectations of more [local] companies giving positive guidance at their upcoming quarterly investor briefings when the market resumes trading," he said.

Taiwan Semiconductor Man-ufacturing Co (台積電), the world's largest made-to-order chipmaker, added NT$0.10 at NT$61.90, while rival United Microelectronics Corp (聯電) was up NT$0.15 at NT$18.05.

Quanta Computer Inc (廣達) rose NT$0.60 to NT$47.10 and RoyalTek Co (鼎天) gained NT$2.50 to NT$62.20 after the companies announced they will form a strategic alliance.

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