Asia markets up big tonite on Intel news:
Tuesday January 13, 11:53 pm Eastern Time
Taiwan stocks end sharply up as technologies rally
TAIPEI, Jan 14 (Reuters) - Wall Street's overnight gains and recoveries elsewhere in Asia inspired
heavy buying in Taiwan's high-technology shares on Wednesday, sending the island's stocks to a
sharply higher close for the second day running.
* Close: up 285.01 points/3.79 pct at 7,798.25
* Turnover: heavy at T$101 billion vs T$73.66 billion
KEY FACTORS:
* Overnight rise on Wall Street boosts investor confidence
* Intel Corp (Nasdaq:INTC - news) reports higher-than-expected fourth quarter profit, spurring
Nasdaq technologies to big gains
* Taiwan dollar recovers to T$34.016 at midday
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Taiwan stocks opened sharply higher as overnight rises on Wall Street, especially the
technology-laced Nasdaq composite index, triggered strong buying in the hypersensitive electronics
sector, a key barometer of wider market performance.
The index ended at its intraday high, scoring its second closing rise of 1998 despite minor
midsession profit-taking.
''Investors' confidence recovered following Wall Street and other Asian markets' gains,'' said Tu
Jin-lung, analyst for Grand Cathay Securities.
"Bulls are starting to return to the market," Tu said.
Electronics led the gains on a blazing 6.21 percent rise.
Brokers said Intel's good earnings raised expectations for Taiwan's semiconductor shares and
motherboard makers.
Mosel (2342.TW) surged the daily seven percent limit or T$2.8 to T$43.1. Also limit-up was
long-languishing computer giant Acer (2306.TW), which gained T$3.1 to T$47.6.
Brokers said jitters over Asia's currency turmoil were gradually subsiding.
''Now that the Taiwan dollar has stabilised and other Asian markets appear to be calm, buying
interest is rising,'' Tu said.
Brokers said they expected the index to test 8,000 resistance on Thursday. |
