UMC (2303) closed @ 53.00 - 0.50 vol 18,474,360
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April 20 net purchase 30,646,000 shares
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TAIWAN WEIGHTED closed @ 5597.70 +1.07 (+0.02%)
Day's Range :5562.67 - 5612.69
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Bk Of Taiwan Cuts Overnight Interbank Rate 10BPs To 4.15%
TAIPEI (Dow Jones)--State-owned Bank of Taiwan cut Monday its overnight interbank offered rate to 4.15% from 4.25%, in response to the central bank's cut Friday of 12.5 basis points on two key interest rates, said a Bank of Taiwan official.
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Says Peter Marber, president of Trust Co. of the Atlantic and an
emerging-markets specialist: "If you believe the U.S. economy will continue to
expand at least 1.5% a year, buy the Taiwanese foundries! The rally of the last
decade has been led by technology and chips."
"The semiconductor inventory adjustment is nearly over," exults technology
analyst Akira Minamikawa of WestLB Panmure Japan. He says he thinks orders for
new components would turn up in May.
On the other hand, UMC, of which he's a fan,
is "cheap on a historical basis. One thing I've learned," Leung continues, "is
that markets discount down cycles 12 months ahead, but up cycles only two to
three months ahead. I would rather miss the first 20% than lose a quick 20%."
With DRAMs, conditions are so ugly that a squeeze may come quickly. "We are
going to have a big shortage if demand ever picks up," says Leung.
Unfortunately, nobody seems clear about when that will happen. |
