Taiwan's key stock index rose a third day, led by Asustek Computer Inc (華碩電腦), as Merrill Lynch & Co recommended investors buy shares of the computer motherboard maker, deeming them "undervalued" given an expected pickup in demand next year.
Leaving the broad market mixed, Chunghwa Telecom Ltd (
The TAIEX added 19.62, or 0.4 percent, to 5392.43, bringing its three-day gain to 5.5 percent. Within the index, 237 stocks rose and 258 fell. The total value of shares traded today was NT$155.5 billion (US$4.4 billion), the biggest trading day since Dec. 14.
"We see some near-term vulnerability in the index but we draw the line in the sand at 5,000," said Spencer White, head of research at Merrill Lynch Taiwan Ltd. "Nevertheless, we see the market direction as positive through the end of the first-quarter and see the index rising above 6,500 during the course of 2002." The index has gained 14 percent this year and surged 56 percent since its year low on Oct. 3.
Asustek Computer Inc. rose NT$7, or 4.6 percent, to NT$160. The nation's top computer motherboard maker rose on expectations of a US economic recovery next year, which may spur demand for the island's computer goods.
"That means more orders for Taiwan companies as US firms contract out manufacturing to low-cost producers." Merrill is recommending investors buy shares in Asustek.
Chunghwa Telecom Ltd. fell NT$0.50, or 1 percent, to NT$51. Taiwan's government may sell 1.16 billion shares of Chunghwa to foreign investors by June next year. The sale would raise NT$59.2 billion (US$1.7 billion) at today's prices and help plug a budget deficit expected to reach NT$195 billion this yea.
Flat panel display makers rose. The Market Intelligence Center (
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