Fri, Mar 10, 2006 - Page 11 News List

Technology stocks rebound to boost a flagging TAIEX

AP , TAIPEI

Shares rose yesterday as several technology heavyweights rebounded on bargain hunting following recent declines.

The TAIEX rose 26.9 points, or 0.4 percent, to 6,486.47.

Continued concerns about the tech sector's slowdown during the first half of the year resulted in a 2.8 percent fall in the benchmark index over the previous four sessions.

"The main board has been lackluster for a while, and today's rise is considered a technical rebound," said Johnny Lee, a manager at President Securities Corp (統一證券).

But the small trading value indicated the market remains cautious, Lee said. Turnover fell sharply to NT$66.84 billion (US$2.05 billion) from NT$90.45 billion on Wednesday.

"The main board is still on a downward trend," Lee said.

The technology subindex rose 0.3 percent.

The world's largest contract chipmaker by revenue, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), rose 1.4 percent to NT$59.8 after losing nearly 6 percent over the past four sessions.

TSMC's smaller rival, United Microelectronics Corp (聯電), finished unchanged at NT$18.8.

AU Optronics Corp (友達光電), the world's third-largest liquid-crystal-display panel maker by revenue, added 1.6 percent to NT$49.8 after a 9.7 percent decline from March 2 to Wednesday.

The steel subindex gained 1.3 percent due to hopes that global steel prices might have bottomed out. They are expected to rise in the next two years.

China Steel Corp (中鋼), the nation's largest steel maker by revenue, rose 1.2 percent to NT$29.3.

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