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Sat, Mar 23, 2002 - Page 18 News List

Stocks rise, with TSMC and Quanta leading the way

BLOOMBERG , TAIPEI

Taiwan stocks rose, led by Taiwan Semiconductor Manufacturing Co (台積電), after Oracle Corp said it expects spending by companies on information technology to increase in the next 12 months to 18 months.

Stocks such as computer-notebook maker Quanta Computer Inc (廣達電腦) also gained as computer-parts makers will benefit from further signs of a recovery in the US where consumer prices rose last month at the same pace as in January and first-time claims for unemployment benefits fell.

"The release of new data will further boost stocks in Taiwan, though we are waiting for more substantial indicators as companies are expected to start revising earnings and spending forecasts," said Chung Yi-wen, a trader at United Securities Investment Trust Corp (聯合投信), which has about NT$17 billion (US$486 million) in assets under management.

The TAIEX rose 93.90, or 1.6 percent, to 6140.42. Within the index, 413 stocks rose, 85 declined while 55 were unchanged.

For the week, the index gained 3.2 percent. The total value of trade was NT$153 billion, more than two-fifths the daily average in the past six months.

Made-to-order chipmakers and computer-related stocks rose.

TSMC rose NT$1, or 1.1 percent, to NT$95. United Microelectronics Corp (UMC, 聯電) rose 50 cents, or 1 percent, to NT$52. Quanta rose NT$5.50, or 4.4 percent, to NT$130. Hon Hai Precision Industry Co (鴻海精密) rose NT$3, or 1.9 percent, to NT$162.

Petrochemical stocks and plastics makers rose.

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