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Wednesday September 19, 2:03 PMTaiwan stocks rebound from 2-week low after US rallyTAIPEI, Sept 19 (Reuters) - Taiwan stocks rose 0.3 percent on Wednesday, bouncing from a two-week low, as investors joined a global market rally after a U.S. interest rate cut, but lingering worries over the U.S. economy erased most of early gains.Shares of technology exporters, including top contract chip maker Taiwan Semiconductor Manufacturing Co Ltd (TSMC) and smartphone maker High Tech Computer Corp (HTC) , were among the big gainers. Taiwan's main TAIEX share index ended up 26.47 points at 8,926.38, with active turnover of T$171.26 billion ($5.17 billion). The rise followed the rate cut that saw major U.S. indexes climb more than 2.5 percent. As the local market briefly jumped more than 2 percent shortly after the opening bell, cautious investors began selling into the rally due to lingering worries over the U.S. economy. "Despite the rise, we can see some technology shares also encountered selling pressure. Any weakness in the U.S. economy will have an impact on Taiwan's electronics companies," said Chiang Chen-sheng, manager at Masterlink Investment Advisory. TSMC shares gained 1 percent and HTC shares jumped 2.8 percent, while shares of Mediatek Inc , Taiwan's top chip designer, dropped 1.8 percent. The broader electronics sub-index gave up early gains to end down 0.6 percent. Funds also flowed to China plays, which have attracted strong buying recently due to expectations of robust demand from the mainland. Uni-President Enterprises , Taiwan's top food conglomerate and a big investor in China, shot up 5 percent, leading the food sector up 3.1 percent. In Taipei, trading resumed after a one-day pause on Tuesday due to a typhoon. HOT STOCKS -- Chang Hwa Bank rose 2.8 percent after Citigroup upgraded its rating on the Taiwan bank to buy from sell earlier this week. Its gains helped the financial sector 1.4 percent higher. -- Taiwan's Yulon Motor Co Ltd fell 1.3 percent even after a local report that it will tie up with General Motors' China joint venture in Shanghai, helping to redesign the venture's Buick Excelle model. For a table of foreign trading in Taiwan stocks, double-click on [ID:nTP170358] ------------------TAIEX IN PERSPECTIVE-------------------------- Move on day 0.30 percent Close on day 8,926.38 2007 intraday high 9,807.91 2007 intraday low 7,306.07 All time high 12,682.41 12 FEB 1990 ---------------------------------------------------------------- (US$1=T$33.1) |
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