tw stock 0421

14:11 21Apr09 RTRS-Tourisms and properties send Taiwan stocks higher * Market recoups losses as tourism, property issues jump * AU, Chi Mei rise on report of rising product prices * Giant gains on bullish shipment, output prospect (Adds details and quotes) TAIPEI, April 21 (Reuters) - Taiwan stocks changed course to finish 1.73 percent higher on Tuesday, as tourism and property shares rose on hopes of closer ties with China. The main TAIEX share index <.TWII> dropped 2 percent at the open and rebounded around midday. It closed up 99.75 points at 5,881.41, shrugging off sharp declines on Wall Street and across other Asia bourses. Turnover was active at T$122.4 billion ($3.6 billion), slightly higher than T$121.5 billion a day earlier. "A continuing flow of Chinese tourists helped push tourism shares up. Expectations of more Chinese investment also contributed to gains in shares like property issues," said Michael On, a managing director of Beyond Asset Management. The tourism sub-index <.THOI> finished the session 3.73 percent higher. On Monday, media cited the tourism bureau as saying the restriction on the daily number of Chinese tourists to the island might need to be loosened. Shares of hotel operator Leofoo Development Co <2705.tw> jumped by their 7 percent daily limit and rival Ambassador Hotel <2704.tw> gained 4.56 percent. The construction sub-index <.TCOI>, the day's top advancer of all sub-indexes, jumped 5.69 percent, with Cathay Real Estate <2501.tw>, Taiwan's leading real estate developer, ending limit-up. The TAIEX has outperformed most other global markets so far this year as investors bet that warmer ties with China could help companies weather the current downturn. On Saturday, top negotiators from Taiwan and China will meet for a third round of talks on issues including opening up the financial sectors to each other. The banking and insurance sub-index <.TFNI> erased early losses to finish 1.23 percent higher. Cathay Financial <2882.tw>, Taiwan's top-listed financial holding firm, rose 2.72 percent. However, many analysts said the cross-Strait negotiations later this week will provide little boost to financial shares as their recent rally has mostly priced them in. Financial shares have gained 35 percent since the beginning of March, outpacing a 29 percent rise on the broader market. In the tech sector, LCD makers led the gains after a local newspaper cited data tracking firm WitsView as saying flat panel prices could continue rising in May due to increasing demand from China. AU <2409.tw>, the island's largest LCD maker, rose 4.95 percent and crosstown rival Chi Mei <3009.tw> was limit-up. AU is scheduled to report its first-quarter earnings on Thursday while Chi Mei will announce its earnings next Tuesday. HOT STOCKS -- Chunghwa Telecom <2412.tw>, the island's largest telecom company, fell 0.16 percent after a local newspaper said the firm could cut its capital by about 20 percent after its board meets on April 28, in a bid to improve shareholder returns. -- The steel and iron sub-index <.TSTI> rose 3.51 percent after a newspaper said China Steel <2002.tw>, the island's top steelmaker, will cut production by as much as 30 percent. Shares of China Steel were up 3.76 percent. -- Giant Manufacturing <9921.tw>, the world's No.1 bicycle maker, rose 1.34 percent after saying it is targeting 10 percent shipment growth this year and expects its global output to reach 10 million units after 2014. [nTP39613] --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 1.73 percent Close on day 5,881.41 2009 intraday high 6,071.06 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$33.9) (Reporting by Gina Chang; Editing by Nick Macfie) ((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.com@reuters.com)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.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
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