Don't be surprised to see S3 jump tomorrow.
Top Financial News
Mon, 19 Jul 1999, 11:01pm EDT
Asian Stocks: Taiwan Soars on Reports Lee Will Clarify Remarks, Techs Lead
By Faith Hung
Taipei, July 20 (Bloomberg) -- Taiwan stocks staged their biggest rally in 21 months on reports President Lee Teng-hui will
clarify his recent remarks on the island's relations with China
in an effort to ease tension across the Taiwan Strait.
The benchmark TWSE index surged 405.83 points, or 5.6
percent, to 7792.72, its biggest one-day gain since October 21,
1997. Last week, it tumbled 14 percent after Lee characterized
relations with Beijing as ''state-to-state,'' angering China,
which doesn't regard the island as a sovereign state. Taiwan
Semiconductor Manufacturing Co. and other electronics companies
paced gains on hopes strong sales in their biggest market, the
U.S., will boost earnings.
''There's a dramatic turnaround in the market sentiment,''
said Michael Ding, a vice president of International Investment
Trust Co., which manages NT$40 billion ($1.2 billion) in client
assets. ''Now, the uncertainty on the political side has disappeared, prompting investors to chase after blue-chip stocks
that slumped last week.''
bloomberg.com |
