Construction, financial sectors give TAIEX boost

RISING: Among the leaders in yesterday's trading was Cathay Real Estate Development, which rose by the 7 percent limit, and Mediatek, the semiconductor designer

AFP AND BLOOMBERG , TAIPEI

Thu, Oct 04, 2007 - Page 11

Shares closed 0.80 percent up yesterday as investors ignored Wall Street's mixed performance overnight, dealers said.

The local bourse was also buoyed by strength in the construction and financial sectors, they said.

The TAIEX closed up 76.82 points at 9,700.07, inching closer to the year's intra-day high of 9,807 points hit on July 26. Turnover was NT$215.15 billion (US$6.6 billion).

Decliners led risers 1,094 to 778, with 228 stocks unchanged.

On the foreign exchange market, the New Taiwan dollar closed the day's trading at NT$32.573 over the US dollar, unchanged from the previous close.

"The message in the market was clear -- it stays on track towards a new high for the year even though volatility is bound to intensify in the process," Yuanta Core Pacific Securities Co (元大京華證券) assistant vice president Oliver Fang said.

He said profit-taking may be expected as the market approaches the year's high so far of 9,807 points, achieved on July 26, but trading will maintain a largely positive theme in the near term even as stocks undergo rotational play.

Among the leaders in yesterday's trading was Cathay Real Estate Development Co (國泰建設), which rose the 7 percent limit to NT$12.55, while Fubon Financial Holding Co (富邦金控) rose 6.7 percent to NT$31.20.

Mediatek Inc (聯發科技), the nation's largest semiconductor designer, rose to a record after a newspaper reported the company received orders from Sony Corp. Shares climbed 1.6 percent to NT$620, the highest since the company's initial public offering in July 2001.