1/23 stock mkt

13:57 23Feb09 RTRS-Taiwan stocks end higher as DRAMs, TSMC jump * Powerchip, Nanya Tech up on reported industry consolidation * TSMC and HTC recoup early losses on state buying * LCD shares fall on report of China rival * China Life up on news of a deal with Prudential Plc (Adds details and quote) TAIPEI, Feb 23 (Reuters) - Taiwan stocks finished 0.92 percent higher on Monday, with DRAM makers such as Powerchip <5346.two> jumping after a report that the government will present a consolidation plan for the battered industry this week. The main TAIEX share index <.TWII> closed up 40.84 points at 4,477.78. Turnover was light at T$57.4 billion ($1.7 billion), lower than T$60 billion in the previous session. The market tracked Wall Street lower at the open but reversed course after half an hour as government funds stepped in to prop up the market by buying technology shares such as TSMC <2330.tw> and HTC <2498.tw>, analysts said. Shares of Taiwan Semiconductor Manufacturing Co (TSMC) , the world's top contract chip maker, rose 2.51 percent and smartphone maker HTC jumped 3.24 percent. The electronics sub-index <.TELI> was up 1.91 percent. Taiwan's two biggest DRAM makers, Powerchip and Nanya Tech <2408.tw>, jumped 4.83 percent and 5.83 percent, respectively. But smaller rival ProMOS <5387.two> dropped by its 7 percent daily limit. "The government will be able to help DRAM makers in the short term. But the sector's long-term outlook is still gloomy as the economy weakens and the problem of oversupply remains," said Michael On, a managing director of Beyond Asset Management. A local newspaper said on Monday the economics ministry will submit its report on consolidation within the struggling DRAM industry to Premier Liu Chao-shiuan on Wednesday or Thursday. Another bright spot was China Life <2823.tw>. The insurer rose 1.76 percent after saying it would buy most of Prudential Plc's local insurance business, with the UK firm taking about a 10 percent stake in China Life. [ID:nTP221645] However, the financial sub-index <.TFNI> dropped 1.94 percent, as sharp declines of U.S. banking shares weighed and due to concerns that lower interest rates will further hurt company profits. Taiwan's central bank made an emergency rate cut last week, lowering the interest rate to a record low after Taiwan's economy posted a record annual decline in the fourth quarter. LCD shares were mixed after a newspaper cited a senior Chi Mei executive as saying the industry should be concerned by Japanese electronics maker Sharp Corp's <6753.t> moves to work with its Chinese rival, SVA, for joint production of LCD displays in China. The optoelectronics sub-index <.TOPI> was up 0.79 percent but AU Optronics <2409.tw>, Taiwan's top flat panel maker, fell 0.78 percent. Smaller rival Chi Mei <3009.tw> gained 0.89 percent. HOT STOCKS -- Waterland Financial <2889.tw>, Taiwan's smallest financial holding company by assets, has approached Cathay Financial <2882.tw> to discuss merger opportunities, a newspaper cited market rumours on Monday. Cathay Financial, Taiwan's top listed financial holding firm, lost 3.16 percent while Waterland Financial ended down 0.78 percent. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 0.92 percent Close on day 4,477.78 2009 intraday high 4,817.44 2009 intraday low 4,164.19 All time high 12,682.41 12 FEB 1990 ------------------------------------------------------------ For a table of foreign trading in Taiwan stocks, double-click on [ID:nTP170358] (US$1=T$34.7) (Reporting by Gina Chang; Editing by Ken Wills) ((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS] S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW] Australia/NZ.........[.AX] India.......[.BO] China......[.SS] OTHER MARKETS: Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/] Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/] ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/] Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU] DIARIES & DATA: IPO diary & data Asia earnings diary [ASIA/EQTY] U.S. earnings diary [RESF/US] European diary [WEU/EQTY] Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O] Eurostocks Week Ahead [.EU/O] World forecasts TOP NEWS: For top Asian company news, double click on: [nTOPEQA] U.S. company news [TOP/EQU] European company news [TOP/EQE] Forex news [TOP/FRX] Global Economy news [TOP/MACRO] Technology news [TOP/TECH] Telecoms news [TOP/TELCO] Media news [TOP/MEDIA] Banking news [TOP/FIN] Politics/General news [TOP/G] Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks <0#.index> Currency rates Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225> FTSE 100 <.FTSE> Debt <0#usbmk=> Taiwan dollar LME price overview TAIWAN MARKET: Taiwan equity mkt TAIEX <.TWII><.TV.TW> Other indices <0#.inx.tw> TAISDAQ <.TWOII><.TV.TWO> TAIMEX Taiwan index futures <0#tx:> MSCI Taiwan index <.MSTW> SIMEX Taiwan index futures <0#stw:> FTSE TW50 index <.FTSETW50> Keywords: MARKETS TAIWAN STOCKS
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