* Banks lead market to over 5-mth high on Wall Street rally
* UMC surges after ending unpaid leave
* Market turnover at highest in nearly 10 months
(Adds details and quote)
By Gina Chang
TAIPEI, March 24 (Reuters) - Taiwan stocks rose 2.3 percent
in strong volume on Tuesday to end at its highest in more than
five months, led by Shin Kong and other financials as Wall Street
surged on the U.S. government's plan to absorb toxic debts.
The banking and insurance sub-index <.TFNI> ended 3.2 percent
higher, with Shin Kong Financial <2888.TW>, parent of the
island's No. 3 life insurer, up by its daily limit of 7 percent.
"The U.S. government's economic-boosting measures and some
better-than-expected data such as a rise in housing sales all
indicated that the U.S. economy has a very good chance to recover
in the next few months," said John Chiu, a vice president of Fuh
Hwa Securities Investment Trust.
The main TAIEX share index <.TWII> finished 118.0 points
higher at 5,242.2, logging its strongest close since Oct.15,
after the index jumped 3 percent in the previous session.
Turnover surged to T$139.1 billion ($4.1 billion), its
strongest level since May, from Monday's T$93.1 billion.
In the tech sector, UMC <2303.TW>, the world's No.2 contract
chip maker, jumped by its 7 percent daily limit after the firm
said on Monday it had ended all unpaid staff leave, echoing a
similar move from larger rival TSMC <2330.TW>. [ID:nTP176182].
UMC made the announcement after the close of trading hours on
Monday.
UMC's ADR
Shares of Taiwan Semiconductor Manufacturing Co (TSMC)
<.TSII> 3.5 percent higher.
Quanta Computer <2382.TW> and Compal <2324.TW>, the world's
two largest contract notebook PC makers, both rose more than 4
percent after a local newspaper said Dell Inc's
Michael Dell visited the companies over the weekend in a move
that could increase Dell's outsourcing orders to the companies.
HOT STOCKS
-- ProMOS <5387.TWO> finished limit-up, rallying for a second
day after a majority of investors holding its convertible bonds
accepted its offer to buy them back at a discount or withdraw
their redemptions. [ID:nTP124386]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 2.30 percent
Close on day 5,242.18
2009 intraday high 5,264.94
2009 intraday low 4,164.19
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
(US$1=T$33.8)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
((If you have a query or comment on this story, send an email to
news.feedback.asia@thomsonreuters.com))
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