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14:09 27May09 RTRS-Financials, techs send Taiwan stocks to 9-mth high * Market hits 9-mth high on Wall St, better China trade ties * Biggest daily percentage rise in 3 wks before long holiday * Asustek up after aiming to double market share * Taiwan Cooperative Bank gains after report of raising funds (Adds details and quotes) By Gina Chang TAIPEI, May 27 (Reuters) - Taiwan stocks rose 3.1 percent on Wednesday to a 9-month closing high, as positive consumer confidence data from the U.S. and hopes over a broad trade agreement with China pushed up financial and technology shares. The main TAIEX share index <.TWII> closed up 207.33 points at 6,890.44, recouping the ground lost in the previous two sessions to hit its best finish since Aug. 29, 2008. The TAIEX posted its biggest daily percentage rise in over three weeks and jumped 2 percent this week. The market will be closed on Thursday and Friday for the Dragon Boat Festival and will resume trading on Monday. Turnover was active at T$223.5 billion ($6.9 billion), higher than Tuesday's T$199.7 billion. The banking and insurance sub-index <.TFNI>, the biggest winner of all sub-indexes, jumped 5.4 percent. Cathay Financial <2882.tw>, Taiwan's top listed financial holding firm, rose 4.8 percent and Chinatrust Financial <2891.tw> ended limit-up. Chinese President Hu Jintao and Taiwan's ruling party leader agreed on Tuesday in Beijing to begin discussing a broad trade deal this year that would lead to tariff cuts and other measures seen boosting the island economy. [ID:nT226144] "The Wall Street rally overnight boosted today's gain," said Tu Jin-lung, chairman of Grand Cathay Investment Services. "Foreign investors might also be buying shares, especially financial shares before the cross-Strait MOU is signed in June." Financial shares have risen 44 percent so far this year, largely due to expectations that Taiwan and China will sign a memorandum of understanding (MOU) on opening the financial sector to each other by the end of June. Many analysts expected the TAIEX to test 7,000 points after the long holiday due to growing market confidence, while some cautioned a pull-back following months of rally. The TAIEX has risen 50 percent so far this year. Taiwan Cooperative Bank <5854.tw> ended limit-up after the Economic Daily cited company chairman Liu Deng-cheng as saying his bank plans to raise T$5.2 billion through a rights issue by the end of the year, paving the way to transform itself into a financial holding company. TSMC <2330.tw> , the world's top contract chip maker and the most active share by turnover, jumped 6.7 percent and Hon Hai <2317.tw>, Taiwan's largest electronics parts maker, went limit-up. The electronics sub-index <.TELI> surged 5.4 percent. Netbook PC pioneer Asustek <2357.tw> rose 1.33 percent after aiming to double its market share to become the world's No. 3 laptop vendor, riding the rising popularity of low-cost laptops among budget-conscious consumers during the global downturn. [ID:nTP362476] In other tech news, the Economic Daily News said key components makers, including Cheng Uei <2392.tw> and Advanced Connectek <5491.two>, are set to be among the major beneficiaries of the launch of Apple's new-generation iPhone. Shares of Cheng Uei and Advanced Connectek rose 6 percent and 4 percent, respectively. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 3.10 percent Close on day 6,890.44 2009 intraday high 6,930.59 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$32.6) ((gina.chang@thomsonreuters.com; editing by Ken Wills; +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)) 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
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