Taiwan stocks rose for the first day in three, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other computer-related shares, on the back of the 4.4-percent overnight rally in the NASDAQ and 6.2-percent gain in the Philadelphia Semiconductor Index.
The TWSE Index gained 148.38, or 3.3 percent, to 4720.73 as 19 stocks advanced for every one that declined. The total value of trade was NT$59.4 billion, more than a 10th below the three-month daily average of NT$68.2 billion.
Stocks also gained after President Chen Shui-bian (陳水扁) stepped back from remarks he made Saturday that described Taiwan and China as separate nations. His comments drove the benchmark down 7 percent in the past two days as China warned of the dangers of Taiwan espousing independence.
"When China makes a move, it shouts more than it acts," said Donald Hou, who manages NT$1 billion (US$29 million) in stocks at Zurich Securities Investment Trust Co (蘇黎士投信). "The impact won't be very serious for the market."
TSMC jumped NT$3.20, or 6.9 percent, to NT$49.30 and was the benchmark's biggest gainer. The chipmaker, whose US-traded shares rose 16 percent to US$8.21 yesterday, said the political tussle with China wouldn't delay its plan to invest in the mainland.
"Thanks to their ADRs rally, TSMC and UMC led the broader market higher and remained at highs even at the closing," Far Eastern Alliance Asset Management assistant vice president Oliver Lee said.
Hon Hai Precision Industry Co (鴻海精密), which has most of its production in China, rose NT$3.50, or 2.9 percent, to NT$125.
Advanced Semiconductor Engineering Inc (
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