TWN stock 0413

13:58 13Apr09 RTRS-Taiwan stocks close at near 7-mth high, properties lead
* Market hits 7-mth closing high as construction issues jump
* TSMC down after Q1 sales fall
* Hon Hai rises on increased March sales
* Fubon Financial falls after Q1 profits decline
(Adds details and quotes)
TAIPEI, April 13 (Reuters) - Taiwan stocks rose 1.31 percent
on Monday to a near seven-month closing high, with real estate
plays such as Cathay Real Estate <2501.TW> climbing after
parliament approved a special public spending budget.
The main TAIEX share index <.TWII> ended up 75.68 points at
5,857.64, its strongest finish since Sept. 26. The market has
gained about 8 percent over the past three sessions.
Turnover was active at T$148.6 billion ($4.4 billion), but
lower than Friday's T$160 billion.
The construction sub-index <.TCOI> was the top winner, ending
the session 4.45 percent higher.
Shares of Cathay Real Estate Development, Taiwan's leading
real estate developer, rose 4.5 percent and rival Farglory
<5522.TW> jumped by their 7 percent daily limit.
"Passage of the budget last Friday helped boost domestic
consumption players such as construction shares," said Andrew
Deng, a vice president of Taiwan International Securities.
Late on Friday, Taiwan's parliament approved a massive
T$149.1 billion special public spending budget for 2009 to
stimulate the economy and create jobs. [ID:nTP1038]
Construction shares also got a lift after a newspaper said on
Monday life insurance companies could pour money into the real
estate market with the expected relaxation of investment limits
by the government later this week.
Another big gainer was the automobile sub-index <.TAUI>,
which rose 4.42 percent on continued hopes China's auto subsidies
for cars purchased in rural areas could boost sales.
However, analysts said there might be profit-taking after
recent rallies and cautious investors could stay on the sidelines
when major U.S. firms post earning results throughout this week.
TSMC <2330.TW> , the world's top contract chip maker,
fell 0.57 percent after its first-quarter sales fell 55 percent,
but the result came above forecasts, driven by recent rush orders
related to China's stimulus package. [ID:nTP337802]
The broader semiconductor sub-index <.TSII> inched up 0.03
percent while the electronics sub-index <.TELI> rose 1.29
percent.
"Technology shares have been relatively weak because positive
sales results have already been factored in," said Deng.
Hon Hai <2317.TW>, Taiwan's largest electronics gear maker,
jumped 5.28 percent after its March sales rose 24 percent from a
month ago. [ID:nTP226989]
Following Hon Hai's sales announcement, Goldman Sachs raised
its target share price on the parts maker by 18 percent to T$86
from T$73, saying sales could have hit a bottom in the first
quarter. [nTP38339]
In the financial sector, Fubon Financial <2881.TW>, Taiwan's
second-largest insurer, fell 0.19 percent after posting a 36
percent fall in its first-quarter profits. [ID:nTP14896]
The banking and insurance sub-index <.TFNI> finished 0.51
percent higher.
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 1.31 percent
Close on day 5,857.64
2009 intraday high 5,861.11
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)
(Reporting by Gina Chang)
((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))
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