twn stock

14:16 07May09 RTRS-Taiwan stocks end at 8-month high, but techs weaken * Market ends up but profit-taking weighs * Chinatrust Fin jumps ahead of investor conference * Farglory limit-up on report of tie-up with Chinese rival * HTC down after April sales decline * Market turnover at 14-month high (Adds details and quotes) TAIPEI, May 7 (Reuters) - Taiwan stocks inched up 0.09 percent on Thursday to an eight-month closing high, led by financial shares including Chinatrust Financial <2891.tw>, but gains were capped as investors locked in profits from the recent rally. The main TAIEX share index <.TWII> jumped nearly 1 percent in early trade but lost momentum around noon to finish up 6.17 points at 6,572.87, its strongest close since Sept. 8 and bringing its gain to 17 percent since last Thursday. Turnover rose to a 14-month high of T$243.3 billion ($7.4 billion) from Wednesday's T$240 billion. "Many market heavyweights have gained a lot, and investors are taking profit," said Kevin Yang, president of Paradigm Asset Management Co. "But so far, there's no immediate downward risks. The market could still rise further and test as high as 6,900 points by the end of this month," said Yang. The banking and insurance sub-index <.TFNI> rose 1.99 percent, buoyed by continued hopes of Chinese investment and potential cooperation with Chinese companies. The sub-index has jumped 27 percent since last Thursday. Chinatrust <2891.tw>, the island's biggest credit card issuer, ended 7 percent limit-up ahead of its investor conference later in the day, with investors focusing on potential tie-ups with Chinese companies. Cathay Financial <2882.tw>, Taiwan's top listed financial holding firm, rose 4.53 percent after saying it planned to invest T$100 billion in China stocks and real estate when Taiwan permits such investments. [ID:nTP207842] However, shares of smartphone maker HTC <2498.tw> declined 4.56 percent after its April sales dropped 7.8 percent from a month earlier. Chip packager ASE <2311.tw> was down 1.44 percent after April sales fell from a year earlier. (Click [ID:nTP208805] for sales table) Far EasTone <4904.tw> fell 2.99 percent after Taiwan's government said it would not examine a plan by China Mobile <0941.hk> to buy a stake in the Taiwan company, as the island's telecom industry was not on the initial list of investments to be allowed. [ID:nTP210096] The electronics sub-index <.TELI> fell 0.74 percent, giving up a 15 percent rise over the previous four sessions. The construction sub-index <.TCOI>, the top winner of all sub-indexes, jumped 5.85 percent. Shares of Farglory Land Development Co Ltd <5522.tw> rose 7 percent to their daily limit after a local newspaper said Farglory and Chinese property developer Country Garden Holdings planned to set up a new company for land development, with each owning a 50 percent stake in the venture. "We already have enough money in Taiwan to build more houses. The point is that few people have the money to buy. The news could give a boost to market sentiment, but doesn't change the fact that demand is still weak," said Yang. --------------------TAIEX IN PERSPECTIVE-------------------- Move on day 0.09 percent Close on day 6,572.87 2009 intraday high 6,628.54 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$33.1) (Reporting by Gina Chang; Editing by Chris Lewis) ((gina.chang@thomsonreuters.com; +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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