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Stocks rise, Yang Ming Marine leads after Web report

Taiwan stocks rose as Yang Ming Marine Transport (陽明海運) gained on a Web site report that said China authorized a cross-strait shipping association to negotiate the opening of direct shipping links with Taiwan.

Taiwan currently bans direct trade, transport and postal links with China, which considers the island a renegade province.

"It's progress," said Liu Ju-ming, who manages NT$500 million (US$15 million) in stocks at Asia Pacific Securities Investment Trust Co (金亞太投信). "The speed of talks may be slow, but there's a chance for a breakthrough."

The TAIEX rose 71.62, or 1.3 percent, to 5599.42, its first advance in four days. Within the index, about nine stocks rose for every one that fell. The total value of trade was NT$68.5 billion (US$2 billion), about two-fifths below the six-month daily average of NT$120.2 billion.

Yang Ming Marine, whose Chairman Chen Ting-huei (陳庭輝) heads the Taiwan Strait Shipping Association (台航會), rose 15 cents, or 1.7 percent, to NT$8.80.

Eva Airways Corp (長榮航空) rose 95 cents, or 7 percent, to NT$14.55 on a local newspaper report that the Taiwan's second-largest carrier will receive all 65 extra passenger and cargo flights to Hong Kong once Hong Kong and Taiwan airlines complete talks to expand services on one of Asia's most profitable routes.

First Commercial Bank (第一銀行) rose 20 cents, or 0.9 percent, to NT$23.50. Taiwan's largest publicly traded lender by assets forecasts that pre-tax profit may rise to NT$3 a share next year, a Chinese-language newspaper reported, citing First Commercial spokesman Chang Yi-hsiung (張義雄). First Commercial denied it made the forecast.

Mitac International Corp (神達電腦) rose 80 cents, or 4.9 percent, to NT$17.30. The computer maker received an order for hand-held computers from a European telecommunications company, with shipments starting in October, local media reported.
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