Taiwan shares close higher on heavy foreign buying

Taipei, Aug. 22, 2003 (CENS)--Taiwan shares ended at their highest level since May last year on heavy buying by foreign investors, especially on technology stocks, analysts said.

Foreign investors bought a net of NT$9.01 billion worth of shares on the main market, after buying a net of NT$19.17 billion worth of shares in the past two sessions.

The weighted price index of the Taiwan Stock Exchange rose 68.25 points, or 1.23%, to 5611.86 in dealings valued at NT$105.91 billion. Rising stocks outnumbered decliners 385 to 260, while 137 issues remained unchanged.

Electronics shares ended trading 1.7% higher, led by late buying in AU Optronics, Taiwan's largest maker of flat panel displays.

AU Optronics went limit-up of NT$2.80 to NT$43.70. Rivals Chi Mei Optoelectronics gained NT$1.60 to NT$40.90 and Chunghwa Picture Tubes rose NT$0.50 to NT$18.10.

Meanwhile, Taiwan Semiconductor Manufacturing was up NT$1.00 to NT$64.00, while United Microelectronics gained NT$0.80 to NT$25.60.

Of other sectors, steel issues were up 1.93%, plastics/petrochemical rose 1.61%, cement stocks advanced 1.3%, and the transportation sector was up 0.63%.

The price index of the over-the-counter market gained 0.58 point, or o.52%, to 112.86 in dealings valued at NT$10.27 billion.

September index futures on Taiwan's futures exchange closed up 88 points to 5611 on turnover of 45,103 lots. September electronics futures gained 7.15 points to 253.40 on volume of 4,989 lots while September financial futures rose 3.60 points to 721.80 on turnover of 3,207 lots.