Taiwan's Techs Bucking Trend towards Tail-Off; MARKET REPORT

By Lloyd-Smith, Jake | The Evening Standard (London, England), June 20, 2003 | Go to article overview

Taiwan's Techs Bucking Trend towards Tail-Off; MARKET REPORT


Lloyd-Smith, Jake, The Evening Standard (London, England)


Byline: JAKE LLOYD-SMITH

MOST of Asia's equity markets ended the week on a softer note today, tracking the declines seen overnight on Wall Street but a slew of Taiwan's tech stocks managed to buck the trend.

Although Taiwan's Weighted index eased 33.17 points, or 0.66%, to 5015.74 as profit-takers locked in gains, there was continued buying support for select chipmakers and gadget producers In Taipei, as elsewhere, the bulls' story has been one of investing on hopes of a secondhalf rebound in the global economy although some houses now say that many regional equity markets are seriously overbought.

Brokers note that behind Taiwan's gains - the market is up by a quarter since late April - lies a flood of money.

Turnover hit its highest in more than 14 months earl ier this wee k , boosted by funds from institutions and retail players. On the gainers' board today was the leading chipmaker Taiwan Semiconductor Manufacturing, which added T$1.50, or 2.5%, to T$59.

Computer display screens maker AU Optronics topped the most-actives list and posted a rise of 70 cents to T$26.10, up 2.5%.

Optical discs maker Ritek was also one of the winners. It jumped by the daily limit of 7% to stand at T$25.

Korean hi-tech player chipmaker Hynix Semiconductor surged 530 won, or 9%, to 6480 won. Hynix, battered this week by the imposition of punitive US tariffs, said despite the setback it had snagged a threeyear deal to supply On Semiconductor, a US firm.

However, Samsung Electronics, the world's largest maker of computer memory chips, dropped in line with the wider market, shedding 0.95% to 366,500 won.

The Korea Composite declined 3.42, or 0. …

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