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Fri, Mar 29, 2002 - Page 18 News List

Stocks rise; TSMC pledges to invest billions in Taiwan


Taiwan stocks rose for the fourth day in five, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), after the company said it will invest NT$90 billion (US$2.6 billion) this year in building advanced-chip plants in Taiwan, raising by half its earlier target for capital spending.

Its pledge comes amid expectations the government will lift a ban on Taiwan chipmakers from investing in China by month's end.

TSMC's plan "will reduce the politicians' concerns," said Joey Chen, who manages US$88 million in stocks at Fidelity Investments Securities Investment Trust (富達證券投信). "The investment shows TSMC is pretty positive about the market."

The TAIEX rose 62.17, or 1 percent, to 6209.92. Even with the gain, 309 stocks in the index declined, 204 shares gained, and 44 were unchanged. The total value of trade yesterday fell by a quarter to NT$120.7 billion (US$3.4 billion).

Chipmakers rose after TSMC Chairman Morris Chang (張忠謀)pledged his investment during a meeting this morning with Premier Yu Shyi-kun.

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