TAIPEI (XFN-ASIA) - Share prices were higher in early trade, taking a cue
from Wall Street's gains after a better-than-expected US regional manufacturing
activity survey and further falls in global commodity prices, dealers said.
Investors were also betting on a market upswing after the presidential
election in Taiwan this weekend that is expected to usher in a more
China-friendly administration, they said.
At 9.49 am, the weighted index was up 143.25 points or 1.72 pct at the
session's high of 8,480.87, after hitting a low of 8,412.52.
Turnover was 50.32 bln twd.
"The further advance from yesterday's dramatic gains (suggests) market
consensus that Ma Ying-jeou of the opposition Kuomintang (KMT) will be elected
president tomorrow," said a trader with the proprietary dealing department of a
local securities firm.
KMT's Ma, who is contesting the elections against the ruling Democratic
Progressive Party's Frank Hsieh, has called for closer economic ties with China.
The trader noted that market participants are looking for an end to the
confrontational policy stance toward China that has been marked by the outgoing
administration of Chen Shui-bian.
"Let's hope that no big surprise emerges" from the election, he said.
US markets posted sharp gains overnight after a Philadelphia Federal
Reserve survey of regional manufacturing showed activity dropping in March by
less than it did in February, and by less than many economists anticipated.
TSMC was up 1.60 twd or 2.56 pct at 64.20 and UMC was 0.30 twd or 1.69 pct
higher at 18.10.
Amtran Technology was limit-up 1.80 twd or 7 pct at 27.60 on a report that
South Korea's LG Display is considering buying 30 pct of the LCD TV maker.
MediaTek was up 14.00 twd or 3.69 pct at 393.00 after proposing 19 twd cash
dividend plus a one pct stock dividend for 2007.
Yageo was up 0.12 at 10.05 after reporting another share repurchase this
week.
Chunghwa Telecom was up 1.60 twd or 2.11 pct to 77.30, unaffected by news
that authorities have rejected its plan to take about 15 pct stake in Global
Mobile.
Global Mobile won a permit for offering WiMAX services last year.
Tatung was up 0.50 twd or 2.34 pct at 21.90 on news of another share
purchase by Chunghwa Picture.
Chunghwa Picture was up 0.05 twd at 10.05.
(1 usd = 30.70 twd)
philip.wang@afxasia.com
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