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To: DJBEINO who wrote (9454)	8/27/2001 12:17:43 PM
From: DJBEINO	Respond to of 9582

AWSJ:Taiwan Tech Sector To Recover If 4Q US Demand Rises By Erik Guyot TAIPEI (Dow Jones)--Taiwan's battered technology sector appears positioned for a recovery if demand from the U.S. picks up in the fourth quarter, said some economists. Taiwan's exporters, especially semiconductor manufacturers, have cut their inventories far more than their rivals in South Korea, said Cheng Cheng-mount, an economist at the Taiwan Institute of Economic Research in an telephone interview last week. In the first half of 2001, inventories among all Taiwan companies dropped by about NT$45 billion ($1=NT$34.583). In contrast, South Korean semiconductor manufacturers piled on "a sharp increase," in inventories, said Younghoon Koo, chief economist at the Korea Center for International Finance in Seoul. Koo said in an interview on Friday that aside from rising inventories at semiconductor companies, steel and petrochemical companies also had increasing inventories. Koo said, "The increase in semiconductor's (inventories) is relatively high," compared with other sectors. From April to May of this year, inventories at all Korean companies rose by 2.1%. Anecdotal evidence from Taiwan's two biggest chip manufacturers suggests that Taiwan's tech companies have been trimming inventories. Inventories at Taiwan Semiconductor Manufacturing Co. (TSM) were at NT$6.7 billion as of June 30, down 17% from their level of NT$8 billion at the end of the first quarter, according to J.P. Morgan. United Microelectronics Corp. (Q.UME) cut its inventories more. As of June 30, the company's level of inventories stood at NT$8 billion, down 25% from NT$10.6 billion at the end of the first quarter, according to J.P. Morgan.

To: DJBEINO who wrote (9454)	8/28/2001 2:33:34 AM
From: DJBEINO	Read Replies (1) \| Respond to of 9582

UMC (2303)closed @38.10 unc vol 45,493,840 3rd most active +++++++++ August 27 net purchase 16,471,000 shares +++++++ TAIWAN WEIGHTED closed @ 4368.38 -16.17 (-0.37%) Day's Range :4340.65 - 4406.97 +++++++++++ Taiwan's Leading Economic Indicator shows another uptick, signalling a slow bottoming out. Taiwan's LEI rose 0.1% month on month in June to 92.80, following a 0.4% month on month rise in June (also a 92.80 reading). What are the implications? One, this was driven by improvement in some three of the seven components of the LEI: M1b money supply (NT$4.33 billion daily average during July, up from NT4.29 billion in June); Wholesale Price Index (a reading of 97.27 in July, up 0.20% or up 0.27% seasonally adjusted, from 97.08 in June); new manufacturing orders and average number of manufacturing hours worked. Two, month on month improvement is expected during peak seasonal demand during the third quarter. Three, Taiwan is pulling out of the worst of its export contraction. Taiwan's LEI bottoms out some three to four months ahead of a pick up in export orders, with no confirmation of a sustained turnaround in the latter. Export orders in year on year growth terms will likely show improvement in October 2001 following record high export orders of US$14 billion recorded in September 2000. Exports in value terms will likely showing improvement in November 2001, following record exports of US$13.6 billion recorded in October 2000. The Taiwan economy will continue to show slow incremental improvement.