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Fri, Mar 29, 2002 - Page 18 News List

Stocks rise; TSMC pledges to invest billions in Taiwan

BLOOMBERG , TAIPEI

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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