* Market reaches new one-week closing high
* AU up after announcing tie-up with Sichuan Changhong
* Powerchip slides despite agreement with bond holders
(Updates indexes, adds details and quote)
TAIPEI, June 22 (Reuters) - Taiwan stocks rose 1.77 percent
on Monday, posting their best daily rise in three weeks, as tech
shares including LCD maker AU Optronics <2409.TW> rose after the
firm announced a new venture with one of China's top TV makers.
The main TAIEX share index <.TWII> closed up 110.06 points at
6,341.21, its biggest daily percentage rise since May 27 and
hitting its highest close in a week.
Turnover increased slightly to $95.5 billion ($2.9 billion)
from Friday's T$83 billion, but it is still light as investors
appeared reluctant to trade following a recent pull-back of about
3 percent over the past week.
The TAIEX could trade between 6,100-6,400 points this week,
analysts said.
AU, the world's third-largest flat panel maker, rose 4.13
percent on news of a plan to set up an LCD module venture with
Sichuan Changhong <600839.SS>, days after the firm said it would
build a new 8.5-generation LCD plant. [ID:nTP87546]
"The news will only have a temporary effect on AU's shares as
demand and supply is expected to slow down," said John Chiu, a
vice president of Fuh Hwa Securities Investment Trust.
Smartphone maker HTC Corp <2498.TW>, the third-most active
share by turnover, rose 3.9 percent after a newspaper said the
company had received orders from Orange to supply its HTC Hero
handsets, which will boost HTC's sales from the third quarter.
However, Powerchip <5346.TWO>, Taiwan's top DRAM chip maker,
fell 7 percent to its daily limit even after the firm said on
Monday it had secured agreement from at least 90 percent of
investors holding its $158 million convertible bonds to reset
terms of the bond. [ID:nTP90348]
In financial news, China Life Insurance Company <2823.TW>
rose 3.03 percent after purchasing the Taiwanese agency business
of British life insurer Prudential
Tourism and property shares, two of the top winners of the
day, saw a significant rise due to rapidly improving commercial
ties between Taiwan and China.
The tourism sub-index <.THOI> jumped 3.7 percent, with hotel
operator Formosa Hotel <2707.TW> rising to its 7 percent daily
limit. The construction sub-index <.TCOI> jumped 3 percent, with
real estate developer Farglory <5522.TW> climbing 6 percent.
---------------------TAIEX IN PERSPECTIVE-------------------
Move on day 1.77 percent
Close on day 6,341.21
2009 intraday high 7,084.83
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$32.9)
(Reporting by Joan Hsu, 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/]
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Monday, 22 June 2009 14:58:52RTRS [nTP27904] {EN}ENDS
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