The TWSE Index rose, led by Taiwan Semiconductor Manufac-turing Co (TSMC, 台積電), after the company last Friday said it expects sales to rise in the fourth quarter and net income to double from the preceding three months.
"This is the best-positioned stock for international money," said Gregory Lue, who manages NT$500 million in stocks at Taiwan International Investment Management Co (金鼎投顧). TSMC topped the list of foreign institutional investors' net purchases for a third day on Friday.
Leaving the broad index mixed, Formosa Plastics Corp (台塑) and companies that make up Formosa Group fell on concern losses at their subsidiaries may erode earnings.
The TWSE Index rose 21.53, or 0.5 percent, to 4,065.10. Within the index, 140 stocks rose and 289 fell. The total value of trade was NT$52.2 billion (US$1.5 billion), about a fifth higher than the six-month daily average of NT$46.25.
TSMC rose NT$4, or 6.4 percent, to NT$67. The biggest made-to-order chipmaker on Friday said third-quarter profit fell a smaller-than-expected 94 percent to NT$1.2 billion. It also said sales will rise 15 percent from the preceding three months and net income will double. On Friday, TSMC's ADRs rose 4.9 percent to US$13.90.
Companies that make up Formosa Group fell after Taiwan Ratings Corp (中華信評) said support for "financially weaker subsidiaries" may erode earnings this year. Taiwan Ratings is owned by Standard & Poor's Corp and various government agencies.
Formosa Plastics fell NT$0.80, or 2.7 percent, to NT$29.30. Nanya Plastics Corp (南亞塑膠) fell NT$0.50, or 2.5 percent, to NT$19.40. Formosa Chemicals & Fibre Corp (台灣化纖) fell NT$0.70, or 3.4 percent, to NT$20.
AU Optronics Corp (
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