UMC closed @ 109.50 +7.00 vol 94,253,099
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TAIWAN WEIGHTED closed @9533.87 +464.48 (+5.12%)
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Taiwan Shares Surge for Third Day, Led by UMC; Softbank Declines in Japan
By George Hsu
Asian Stocks: Taiwan Surges, Led by UMC; Softbank Down in Japan
Taipei, March 23 (Bloomberg) -- Taiwan stocks rallied, led
by United Microelectronics Corp. and other chipmakers, on signs
the island's new president Chen Shui-bian will avoid conflict
with China.
The TWSE index surged 484.37, or 5.3 percent, to 9553.76, as
448 stocks rose and only 8 fell. Its 12 percent gain in the past
three days is the biggest since January 1994. UMC gained after
forecasting telecommunication chips will rise to a quarter of
sales this year from 5 percent last year as orders from Ericsson
AB and other mobile phone makers surge.
``As long as there is no immediate risk of confrontation
with China, the market will start to reflect the fundamentals,'
said Lu Yi-fen, who manages First Global Investment Trust Co.'s
$192 million Hitech Fund in Taipei.
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MSCI adjustments in favor of MSCI China Free Index suggest increased the focus on Taiwan domestic liquidity.and Taiwan electronics earnings growth forecast to expand 50% CAGR in 2000 and 2001. |
