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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (9131)	7/12/2004 4:59:44 PM
From: RealMuLan	Respond to of 116555

Chips lead upbeat Asian ADR action By Shawn Langlois Last Updated: 7/9/2004 4:45:00 PM SAN FRANCISCO (CBS.MW) - U.S.-listed shares of Asian companies took part in the broad domestic market rally Friday, with the chip sector drawing the bulk of investor attention. The Bank of New York Asian ADR Index added 1.3 percent to end the week at 102.5. As is usually the case, Taiwan Semiconductor (TSM) topped most actives, up 10 cents, or 1.3 percent, to close at $7.85. Rival foundry United Microelectronics (UMC) came in third on the list, breaking even at $4.20. Advanced Semiconductor Engineering (ASX) gained 10 cents, or 2.7 percent, to $3.87, and Siliconware Precision (SPIL) added 4 cents to $3.71. Dragging on the chip group, Semiconductor Manufacturing International (SMI), China's largest chipmaker, fell 17 cents to end at $10.03. On Thursday, China agreed with the United States to stop giving preferential tax treatment to new Chinese chipmakers, and phase out by next April the rebates for those companies already receiving the tax break. See full story. Looking ahead, Intel (INTC) will set the tone for the broad chip market next week when the Dow component unveils its second-quarter results Tuesday afternoon. See full preview. Elsewhere, flat-panel computer display maker AU Optronics (AUO) was runner-up in terms of volume, adding 44 cents, or 3 percent, to finish at $15.51. On Thursday, an industry association forecast showed that sales of equipment for manufacturing semiconductors and liquid crystal display panels in Japan will peak in the current business year, rather than fiscal 2005 as projected earlier, In the auto sector, Honda (HMC), Nissan (NSANY) and Toyota (TM) all logged gains. Toyota led the way with a 2.5 percent rise to $79.01. © 1997-2004 MarketWatch.com, Inc. investors.com