Taiwan stocks rose, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), on hopes earnings will improve in the third quarter after the company said demand has fallen to its lowest point this year.
"Local investor confidence is coming back because TSMC said the second quarter was the bottom and the third quarter will be better," said Cheng Yi-sheng, who helps manage NT$1.5 billion (US$43 million) in investments at Taiwan Securities Co Ltd (台証證券). "Everybody is buying the story."
The TWSE Index rose 32.39, or 0.8 percent, to 4,352.98, after rising as much as 1.1 percent and falling as much as 1.1 percent.
Within the index 301 stocks fell and 140 rose. Trade at NT$48.05 billion was a third lower than this year's daily average of NT$76.08 billion.
TSMC rose NT$2.50, or 3.9 percent, to NT$66. The company said last week it expects to make a profit in the third quarter. Using Bloomberg money flow calculations, NT$1.1 billion (US$31.66 million) has flowed into the stock in the month before yesterday.
Money flow calculates the difference between the value of trades done at a higher price than the previous trade and those completed at a lower price. These inflows and outflows show whether people are willing to pay more for a stock that's rising, or to sell a stock that's falling for less.
Banks declined after Standard & Poor's last week lowered its rating outlooks to "negative" for Bank Sinopac (華信銀行), China Development Industrial Bank (中華開發銀行) and the International Commercial Bank of China (中國商銀).
Memory chipmakers dropped as the spot price for 64-megabit dynamic random access memory chip remained at a tenth of their cost a year ago. It's now worth US$0.86, down from almost US$9 a year ago, according to DRAM Exchange, a market place for memory chips.
Ding Ing Technology Co Ltd (
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