twn stock 0402

14:22 02Apr09 RTRS-Financials lead Taiwan stocks to 6-mth closing high * Market rises for 3rd day, best one-day gain in a week * Financial issues lead after U.S. economic data * Market turnover highest in 10 months (Adds details and quotes) By Gina Chang TAIPEI, April 2 (Reuters) - Taiwan shares jumped 3 percent on Thursday to their highest level in six months after U.S. data suggested the global economic slowdown could be moderating, pushing up financials such as Cathay Financial <2882.tw>. The financial sub-index <.TFNI> was among the top gainers, rising 5.8 percent on expectations the signing of a memorandum of understanding (MOU) on financial supervision with China by mid-year would be beneficial for trade. "Financial shares are very cheap now, and they will keep leading the market up ahead of the signing of the MOU," said Wang Kao-hsiung, a vice president of KGI Securities. Late on Wednesday, Taiwan said it will strike a general financial deal when negotiators from both sides meet in Taipei in the second quarter, paving the way for the signing of the MOU. [ID:nTP302476] The main TAIEX share index <.TWII> closed 159.3 points higher at 5,473.8, its strongest finish since Oct. 7 and its best single-day rise in a week. Market turnover surged to a 10-month high of T$148.2 billion ($4.4 billion) from Wednesday's T$102 billion. Cathay Financial, Taiwan's top listed financial holding firm and the most active share by turnover, jumped 6.5 percent. "The U.S. data reassured investors, prompting more funds to flow into the market," said Wang. "But investors mostly bought beaten-down shares and avoid tech shares as uncertainty looms ahead of quarterly results by tech firms later this month." Shin Kong Financial <2888.tw>, the island's third-largest insurer, surged by its 7 percent daily limit ahead of an auction of its prime property in Taipei to raise capital for its struggling life insurance arm. Some DRAM shares rose after Japanese PC memory maker Elpida Memory <6665.t> said it was considering letting Taiwan Memory Co (TMC) take a stake of around 10 percent in Elpida. [ID:nT340950] Shares of Powerchip <5346.two>, the island's top DRAM maker, gained 6.4 percent and smaller rival ProMOS <5387.two> jumped limit-up. The sector's shares had jumped on Wednesday after TMC, a DRAM firm funded by the Taiwan government to rescue the island's struggling DRAM sector, chose Elpida as its technology partner. [ID:nTP104915] However, Nanya Tech <2408.tw>, Taiwan's No.2 DRAM maker, declined 4 percent on Thursday after a newspaper said the firm plans to reduce its capital and return cash of more than T$23.5 billion to its shareholders. It said this could contribute to a possible first-quarter loss of about T$8 billion. The semiconductor sub-index <.TSII> gained 2 percent, while the electronics sub-index <.TELI> rose 1.7 percent. HOT STOCKS -- The construction sub-index <.TCOI> jumped 5.3 percent. Chinese investors could be allowed to invest in Taiwan's manufacturing, services and real estate sectors after a meeting between the top negotiators for cross-strait affairs from the two sides, officials said. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 3.0 percent Close on day 5,473.78 2009 intraday high 5,477.97 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$33.7) (Editing by Anshuman Daga) ((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 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
For Related News, Double Click on one of these codes:[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW] For Relevant Price Information, Double Click on one of these codes:<.TWII> <.MSTW> Thursday, 02 April 2009 14:22:48RTRS [nTP341947] {EN}ENDS