The TAIEX climbed for a second day yesterday, led by Cathay Financial Holding Co (
Improving economic prospects will boost returns on equity holdings and property asset values at Cathay's life insurance unit, said Aaron Wu, who manages a US$41 million equity fund at ABN Amro Asset Management Taiwan Ltd.
"Next year's outlook is still very positive for almost every industry," he said.
The TAIEX rose 6.97, or 0.1 percent, to 6,042.71. Almost three stocks fell for every two that gained. For the week, the index climbed 2.9 percent, its third weekly gain.
The futures contract for October delivery rose 0.3 percent to 6,080. The value of trade was NT$127.9 billion (US$3.8 billion).
Cathay Financial, owner of the country's largest life insurer, jumped NT$3, or 5.7 percent, to NT$56. Cathay Life Insurance Co (國泰人壽), Taiwan's largest life insurer and a unit of Cathay Financial, had NT$42.1 billion (US$1.2 billion) of short-term equity holdings as of March 31.
Yang Ming Marine Transport (陽明海運), Taiwan's biggest container shipper by market value fell 90 N.T. cents, or 2.6 percent, to NT$34.10. Yang Ming dropped after its relative strength index, which is derived by averaging out daily gains and losses, reached 72.65 yesterday.
A reading above 70 suggests prices are poised to fall.
China Steel Corp (中鋼), Taiwan's largest steelmaker, rose 0.4 percent to NT$27.30. The Taiwan government said yesterday it raised US$815 million from its sale of an 11 percent stake in China Steel. The government sold 52.4 million global depositary receipts, each worth 20 locally traded shares, at US$15.56 apiece. That represented a 3 percent discount to the stock's local close yesterday.
Chinatrust Financial Holding Co (中信金控), Taiwan's largest privately owned lender, rose 80 cents, or 2.4 percent, to NT$33.80 on news that Chinatrust aims to double its domestic market share within five years before it attempts to expand outside Taiwan.
Powerchip Semiconductor Corp (
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