The TWSE index climbed to an eight-week high, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on expectations the chipmaker will this month report October sales rose from September, spurring hopes of an improvement in profit.
The TWSE Index gained 82.03, or 2.1 percent, to 4,080.51, its biggest advance since Oct. 24 to its highest close since Sept.11. Two stocks rose for every one that fell. TSMC and United Microelectronics Corp (UMC,
"I have 60 percent of my portfolio invested for the long term, 12 months, in stocks such as foundries" like TSMC, said Simon Chao, who manages NT$800 million (US$23 million) in Taiwan stocks at President Investment Trust Corp (統一投信). "I think the index will trade in a range between 3,700 and 4,100 this month."
The total value of trade was NT$67.2 billion (US$1.9 billion), just above this year's average of NT$66.8 billion. The TWSE Index is the world's sixth best performing market in the last month, gaining 14 percent in US dollar terms.
Chipmakers tracked their US peers higher after the widely watched Philadelphia Stock Exchange Semiconductor Index rose 2.4 percent Friday. Traders said they expect some semiconductor makers to report better sales in October compared to September.
TSMC, the biggest made-to-order chipmaker, rose NT$2.50, or 4 percent, to NT$65. UMC, the second-biggest made-to-order chipmaker, rose NT$1.30, or 4.2 percent, to NT$32.40. Winbond Electronics Corp (華邦電子), a memory chipmaker, rose NT$0.65, or 5.7 percent, to NT$12.10.
Some banks fell on concern the depressed economy will make it increasingly difficult for companies to repay loans despite expectations of further local rate cuts. The economy may shrink up to 2 percent this year, the government said.
China Development Industrial Bank (
Fubon Commercial Bank (
Hon Hai Precision Industry Co (鴻海精密) rose NT$2, or 1.5 percent, to NT$137.50. Japan's Sony Corp farmed out assembly of PlayStation 2 video game consoles to Hon Hai and Asustek Computer Inc (華碩電腦) with parts supplied by other Taiwan companies, a Chinese language newspaper reported Saturday without citing sources. Hon Hai's spokesman Edmund Ding (丁憲文) declined to comment. Asustek rose NT$3.50, or 2.9 percent, to NT$125.
Mediatek Inc (
Mediatek's spokesman Kuo Ming-hui wouldn't comment.
VIA Technologies Inc (
Intel declined to comment. Chipsets control the flow of data between the processor and other parts of the computer.
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