Sat, Sep 09, 2006 - Page 11 News List

Market closes up on robust sales figures for August

AFP , TAIPEI

Share prices closed 0.12 percent higher yesterday as robust sales figures for last month from select companies offset the negative impact of further losses on Wall Street, dealers said.

Turnover remained thin, however, in cautious trading, with many investors keeping to the sidelines ahead of today's planned protest against President Chen Shui-bian (陳水扁) amid allegations of irregularities involving his family and top aides.

The TAIEX added 7.88 points to reach 6,693.11 on turnover of NT$62.67 billion (US$1.90 billion).

Decliners led gainers 530 to 488 with 190 stocks unchanged.

Tourism-related stocks lost ground following a report that China wants parallel negotiations with Taiwan over more charter cross-strait flights and over allowing more mainland tourists to visit the island.

The report raised fears that the expected relaxation of the nation's policy on mainland tourists may be delayed, dealers said.

In the tourism area, Ambassador Hotel (國賓) closed off NT$1.00 at NT$30.15, Leofoo Development (六福) was down NT$0.05 at NT$23.65 and First Hotel (第一) shed NT$0.70 at NT$31.50.

Dealers said turnover was light because investors stayed on the sidelines, given uncertainties surrounding the outcome of tomorrow's (planned) sit-in protest.

In the technology area, Taiwan Semiconductor Manufacturing Co (台積電) fell NT$0.40 to NT$56.70 and United Microelectronics Corp (聯電) was unchanged at NT$18.05.

Shares are expected to trade in a narrow range next week as investors watch the development of the indefinite protest intended to oust Chen, they said.

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