Sat, Oct 21, 2006 - Page 11 News List

Electronics edge up as financial stocks stabilize on TAIEX

AFP , TAIPEI

Shares closed 0.62 percent higher yesterday on the back of Wall Street's gains overnight as the Dow Jones closed above 12,000 points for the first time, dealers said.

They said electronics rose in tandem with gains on the NASDAQ, while financials stabilized after recent losses on concerns about investigations into Chinatrust Financial Holding Co's (中信金控) previous bid for Mega Financial Holding Co (兆豐金控).

The TAIEX closed up 43.54 points at 7,039.37, on turnover of NT$70.27 billion (US$2.12 billion).

Risers led decliners 705 to 395, with 172 stocks unchanged.

For the week, the weighted index closed down 37.48 points or 0.53 percent after a 1.14 percent increase a week earlier.

Average daily turnover stood at NT$81.97 billion, compared with NT$92.11 billion a week ago.

Daniel Tseng (曾建銓), a Fubon Securities Investment Services (富邦投顧) manager, said the relatively low turnover signaled an underlying sense of caution, which was probably natural ahead of the weekend.

AU Optronics Corp (友達光電) and Taiwan Semiconductor Man-ufacturing Co's (TSMC, 台積電) quarterly briefings due next week are likely to have a decisive bearing on whether investors take aggressive positions in the near term, he added.

TSMC was up NT$0.80 at NT$61.80 and United Microelectronics Corp (聯電) up NT$0.05 at NT$18.35.

Chinatrust Financial was up NT$0.15 at NT$24.95, while Mega Financial was down NT$0.30 at NT$22.65.

Memory chip maker ProMOS Technologies Inc (茂德科技) was up NT$0.55 at NT$13.50 on strong earnings last quarter.

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