0521/ 32.738/ 1421/ -1.17

14:14 21May09 RTRS-Taiwan stocks close at 9-mth high before GDP data * Chi Mei surges on report of rising shipments to China * Far Eastern Bank down after plan to buy AIG Taiwan business * TSMC up after reports of recruiting former workers * Acer flat despite plans to introduce phone model (Adds details and quotes) By Gina Chang TAIPEI, May 21 (Reuters) - Taiwan stocks rose 0.23 percent on Thursday to a nine-month closing high, with LCD maker Chi Mei <3009.tw> leading the way, but gains were limited by investor caution ahead of expected gloomy first-quarter GDP data. The main TAIEX share index <.TWII> closed 15.19 points higher at 6,718.81, its highest finish since Sept. 1, 2008 and the fifth gaining session. Turnover was active at T$182.9 billion ($5.6 billion), but lower than Wednesday's T$191.6 billion. Shares of Chi Mei, Taiwan's No. 2 flat panel maker and the second-most active share by turnover, surged 6.42 percent, outpacing a 0.38 percent rise of the electronics sub-index <.TELI>. Chi Mei's larger rival AU <2409.tw> rose 0.28 percent. Chi Mei's LCD TV panel shipment to China from January to April made up 30 percent of China's total such imports, making the firm the mainland's biggest supplier of the product, a local newspaper said on Thursday. However, the gains were capped as Taiwan's government is set to announce its first-quarter gross domestic product (GDP) later in the day. (Click [ID:nTP312556] for a Reuters poll on GDP) "There are worries in the market that the GDP figure would be worse than a 6 percent fall the government previously forecast, and that weighed on the market today," said Michael On, a managing director of Beyong Asset Management. Sources close to the government told Reuters on Thursday that Taiwan's economy in the first quarter shrank by about 10 percent from a year ago, the worst decline on record. [ID:nTP372436] Analysts expected the market to trade in a narrow range between 6,500-6,700 points through mid-June following its recent advances. The TAIEX has risen 46 percent so far this year mainly due to expectations over potential Chinese investments. The day's top winner was the construction sub-index <.TCOI>, which jumped 3.29 percent, as it got a boost from a stronger Taiwan dollar and an expected influx of investments from China. In the financial sector, Far Eastern International Bank said late on Wednesday it would buy AIG's Taiwan credit card and accounts-receivable businesses for T$2-3 billion, in the latest consolidation of Taiwan's crowded financial sector. [ID:nTP301470] Shares of Far Eastern <2845.tw>, a small-sized lender owned by conglomerate Far Eastern Group, dropped 2.74 percent, while the banking and insurance sub-index <.TFNI> edged down 0.1 percent. In other technology news, a local newspaper cited Hon Hai group chairman Terry Gou as saying that the group's flat panel unit Innolux Display <3481.tw> would invest 30 billion Chinese yuan to build a complex in the Chinese city of Xiamen. Innolux shares advanced 3 percent while shares of Hon Hai <2317.tw>, Taiwan's largest electronics parts maker, fell 0.86 percent. Acer Inc <2353.tw>, the world's third-largest PC brand, finished flat after saying it plans to introduce a phone model running on Google's Android software this year. [ID:nLK961953] Taiwan Semiconductor Manufacturing Co <2330.tw> (TSMC), the world's top contract chip maker, rose 0.71 percent, lifting the semiconductor sub-index <.TSII> 0.63 percent higher. TSMC Chairman Morris Chang had asked employees who were laid off a few months ago to return after the industry bottomed out in the first quarter, local media reported. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 0.23 percent Close on day 6,718.81 2009 intraday high 6,784.26 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$32.7) (Editing by Jacqueline Wong) ((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:
[Story not fully loaded, incomplete text]