Taiwan stocks rose as investors said government-controlled funds are buying shares in an effort to boost the market before the Dec. 1 elections. Asustek Computer Inc (
"The government is going to support the stock market for the time being," said Tu Kuei-shiong, who helps manage NT$200 million (US$6 million) in Taiwan equities at Lian-Shan Investment Management Co in Taipei. "They want to give people confidence in the government so that they think they are capable of running the country. If the market falls, the government thinks they will lose the election."
The TAEIX added 69.06, or 1.6 percent, to 4,519.08, up 1.6 percent in the week. Within the index, 270 stocks rose and 201 fell. The total value of trade today was NT$86.9 billion (US$2.5 billion), up from NT$78.5 billion yesterday.
Chipmakers and computer parts makers, among the biggest companies by market value, rose.
Some investors may be buying chipmakers on expectations their orders and earnings will improve in the fourth quarter compared to the third quarter.
Asustek Computer, the biggest computer motherboard maker, rose NT$8.50, or 6.7 percent, to NT$136. Taiwan Semiconductor Manufacturing Co (台積電) rose NT$0.50, or 0.7 percent, to NT$73.50. United Microelectronics Corp (聯電) rose NT$0.80, or 2.2 percent, to NT$37.80. Winbond Electronics Corp (華邦電子) rose NT$0.90, or 6.2 percent, to NT$15.50.
State-controlled banks rose as government funds typically target these shares in their bid to boost the index.
"The government can control its four retirement funds and also give money to investment trusts and tell them to buy stocks," Tu said.
Chang Hwa Commercial Bank (
Quanta Computer Inc (
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