Thu, Dec 14, 2006 - Page 11 News List

Stocks change little as bargain-hunting levels profit-taking

AFP , TAIPEI

Share prices closed little changed yesterday as bargain-hunting interest in financials and technology stocks in late trade offset continued profit-taking elsewhere, dealers said.

Dealers said post-election caution served as an excuse for the extended profit-taking, though there were expectations that the market would bounce back toward year's end on window-dressing activity.

Taiwan's mayoral elections at the weekend delivered a mixed result, adding to policy uncertainties.

The weighted index shed 8.26 points (0.11 percent) at 7,450.30, off a high of 7,494.49 and a low of 7,369.09. Turnover was NT$110.56 billion (US$3.4 billion).

"Assets-backed stocks took the hardest hit on lingering concerns over cross-strait policy following the mixed election outcomes," First Taisec Securities (一銀證券) manager Stanley Hsu said. "Generally speaking, we had a seesaw between profit-taking and bargain-hunting for the broad market today."

He said investors had shifted their focus to laggard stocks.

"We probably will see more consolidation for the rest of this week before liquidity-powered interest returns to the market next week," Hsu added.

High Tech Computer Corp (宏達電) closed up NT$34.00 at NT$635.00 on a planned share buyback scheme.

ProMOS Technologies Inc (茂德科技) rose NT$0.15 to NT$14.05 after a report that it has no objections to United Microelectronics Corp (UMC, 聯電) taking one or two seats on its board.

UMC fell NT$0.30 to NT$19.05, while rival Taiwan Semiconductor Manufacturing Co (台積電) gained NT$0.70 to NT$64.90.

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