Stocks rose for the third straight day yesterday as China Motor Corp (中華汽車) and AU Optronics Corp (友達光電) advanced on reports that corporate earnings are rebounding.
The TAIEX rose 5.78, or 0.1 percent, to 6,033.05. It has gained 1.5 percent in the past three days. Within the index, 210 stocks rose, 335 fell and 100 were unchanged. TAIEX futures for June delivery rose 0.2 percent to 6,001.
The day's most active issue, with 147.9 million shares changing hands, was AU Optronics. The company closed up 2.4 percent at NT$64.50 after going ex-dividend for NT$1.20 in cash dividend and a 5-percent stock dividend.
Shares of other makers of flat-panel displays fell amid declining prices for 15- and 17-inch displays.
"Most flat-panel display makers fell as analysts speculated makers might soon cut product prices to drive demand," said George Hou, president of JF Asset Management Co.
Chi Mei Optoelectronics Corp (
However, some analysts said the sell-off in the sector was overdone.
"There's no reason to worry because panel margins are still high," said Harvey Chang of United Securities Investment Trust.
China Motor's full-year profit forecast of NT$6.8 billion (US$202 million) on Wednesday was higher than its previous estimate of NT$6 billion, due to increasing profits from its China venture and rising domestic sales.
China Motor rose 2.5 percent to NT$45.60.
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