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To: DJBEINO who wrote (9249)	3/28/2001 3:34:39 AM
From: DJBEINO	Respond to of 9582

UMC (2303) closed @ 53.00 -2.0 vol 83,732,606 2nd most active +++++++++ TAIWAN WEIGHTED closed @ 5819.39 -64.94 (-1.10%) Day's Range :5816.39 - 5922.81 ++++++++ HOLD UMC: UMC announced to pay NT$1.5 stock dividend this year, which is much lower than market expectations. There might be selling pressure today as investors had expected an NT$3 to NT$3.5 stock dividend. The share price of UMC is not likely to outperform the market during 2Q01 as investors in Taiwan prefer high dividend plays. However, in the long run the decision seems to be a logical step toward reducing the EPS dilution problem for UMC.

To: DJBEINO who wrote (9249)	3/29/2001 12:42:55 AM
From: DJBEINO	Read Replies (3) \| Respond to of 9582

UMC (2303) closed @ 53.00 unc vol 31,599,784 +++++++++ march 28 net purchase 11,738,000 shares ++++++++++= TAIWAN WEIGHTED closed @ 5833.88 +14.49 (+0.25%) Day's Range :5787.12 - 5846.63 ++++++++ Taiwan Central Bank may cut rates 25 basis points or more today. The Central Bank holds its quarterly Directors meeting today. The private sector consensus appears to be that the central bank will cut key interest rates by 25 basis points. Moderate or more aggressive monetary easing would be based on a 15-year low in Taiwan's Leading Economic Indicator, which projecting economic conditions three to six months ahead. Also weighing in would be a 15-year high in Taiwan's unemployment rate to 3.74% reached in February, and a 4.4% yoy contraction in exports in January and February. Government and private GDP demand components from government consumption to private investment and net exports in Taiwan are all forecast to grow less than 5% yoy in 2001. Currency strategists forecast a depreciation of the JPY to 130 and later to 140 to the USD on a six to nine-month time frame which would provide some room for the TWD to depreciate from 32.66 now towards 34 to the USD.