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TAIEX closes up on benefits from raw materials prices

Shares closed 1.67 percent higher yesterday ahead of the expiry of futures contracts later in the week, dealers said.

The TAIEX closed up 152.19 points at 9,257.47, on turnover of NT$157.65 billion (US$4.78 billion).

Risers led decliners 1,340 to 483, with 229 stocks unchanged.

Kevin Chung (鐘國忠), manager at Jih Sun Securities Investment Consulting Co (日盛投顧), said companies that stand to benefit from "high international raw materials prices" did well.

Chia Hsin Cement Corp (嘉新水泥) led building-materials producers higher after Credit Suisse Group initiated coverage with an "outperform" rating, citing growth in China.

Chi Hsin climbed NT$1.85, or 6.9 percent, to NT$28.70. The company taps into the "growth of the Chinese economy," Credit Suisse analysts Sidney Yeh and David Liao wrote in a report dated on Tuesday. They set a 12-month price target of NT$40.20.

Taiwan Cement Corp (台灣水泥), the nation's largest maker of the material, gained NT$3.30, or 6.8 percent, to NT$51.60. Asia Cement Corp (亞洲水泥) was NT$3.70 or 6.9 percent higher at NT$57.20.

AU Optronics Corp (友達光電) paced the gains among display panel makers after prices of smaller displays rose for the first time in two years.

"Panel makers are benefiting from the long waited year-end demand," said Bevan Yeh (葉獻文), a fund manager at Prudential Financial Securities Investment Trust Enterprise (保德信投信).

AU Optronics rose NT$2.60, or 5 percent, to NT$55.10. Chi Mei Optoelectronics Corp (奇美電子) added NT$1.10, or 3.1 percent, to NT$36.30.
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