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Thu, Mar 21, 2002 - Page 18 News List

TAIEX has biggest gain in a week, led by TSMC and UMC

BLOOMBERG , TAIPEI

The TAIEX had its biggest gain in a week, led by Taiwan Semicon-ductor Manufacturing Co (TSMC, 台積電) and other exporters, after US central bankers left interest rates unchanged, saying the world's largest economy is recovering from recession.

The TAIEX rose 152.33, or 2.6 percent, to 6059.06.

Within the index, 351 stocks rose, 159 fell, and 46 were unchanged. The index is about 2.2 percent off its one-and-a-half-year-high of 6196.26 reached on March 11.

The total value of trade was NT$111.9 billion (US$3.2 billion).

"The Fed may have seen some positive signs that the economy is turning around," said Alex Huang, who helps manage NT$500 million (US$14 million) in Taiwan stocks including TSMC shares at Dresdner Asset Management in Taiwan.

Chipmakers and computer parts makers gained after the US Federal Reserve left the benchmark overnight lending rate at a 40-year low of 1.75 percent and said the economy is recovering from a from a recession that started a year ago. TSMC rose NT$4.50, or 4.9 percent, to NT$96. UMC rose NT$2.10, or 2.1 percent, to NT$52.

Siliconware Precision Industries Co (矽品), rose NT$2.10, or 6.7 percent, to NT$33.50.

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