Taiwan's banking stocks rose as CTB Financial Holding Co (交銀金控) advanced, driving the industry subindex to its biggest weekly gain in two months on expectations profit will rebound next year.
AU Optronics Corp (
"People feel the worst is over, but there's concern about the strength of growth in the third quarter," said Alex Chen, who manages NT$200 million (US$6 million) in stocks at Taiyu Securities Investment Trust Co (台育投信).
"Investors are moving funds into traditional and financial companies," he said.
The TAIEX was little changed, losing 0.11 points to 5,562.12 as 19 stocks fell for every 16 that rose. The TWSE Bank/Insurance Index rose 0.7 percent after surging as much as 3 percent. It gained 5.6 percent for the week, the biggest gain since the week ending April 19.
Shares of CTB rose NT$0.60, or 2.7 percent, to NT$23.10. The holding company, which owns Taiwan's 12th-largest lender by assets, raised its profit forecast for this year almost three-tenths to NT$6.1 billion.
CTB has already asked Cosmos Bank Taiwan (
The total value of trade on the TWSE was NT$83.8 billion (US$2.5 billion), more than a third below the six-month daily average of NT$114 billion. The TAIEX rose for the first week in eight, gaining 2.4 percent.
Chunghwa Telecom Co (
Hon Hai Precision Industry Co (
Hua Nan Financial Holdings Co (
Micro-Star International Co (
Nanya Technology Corp (南亞科技) rose NT$1.60, or 4.7 percent, to NT$35.90 after reports said South Korean rivals Samsung Electronics Co and Hynix Semiconductor Inc raised chip prices. Prices may revive as computer makers such as Dell Computer Corp place orders for chips in the second half of this month to meet an expected rise in computer demand in the third quarter, the paper reported.
Taiwanese actress Barbie Hsu (徐熙媛) has died of pneumonia at the age of 48 while on a trip to Japan, where she contracted influenza during the Lunar New Year holiday, her sister confirmed today through an agent. "Our whole family came to Japan for a trip, and my dearest and most kindhearted sister Barbie Hsu died of influenza-induced pneumonia and unfortunately left us," Hsu's sister and talk show hostess Dee Hsu (徐熙娣) said. "I was grateful to be her sister in this life and that we got to care for and spend time with each other. I will always be grateful to
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