Taiwan stocks higher

Taiwan stocks rose 1.04 percent on Wednesday, with shares related to hot consumer electronics products powering ahead as investors viewed positive US economic data as a sign of solid holiday demand.
The TAIEX share index rose 63.96 points to close at 6,203.47, coming within a hair's breadth of Monday's close, the highest in more than three months.
Investors were cheered by strong numbers OM durable goods, home sales, and factory orders in the United States, rather than taking Wall Street's view that strength in the economy gave the Fed more room to raise rates.
"There isn't much need to worry foreign funds will begin selling due to weak US markets. Foreign research reports have all been very positive on Taiwan recently," said Albert In, manager at Jib Sun Securities Investment Advisory.
"There are still a lot of good reasons to buy based on fundamentals," he said.
"November sales reports should still be quite good and companies are benefiting from products like mobile phones and game consoles."
Shares related to electronics with strong holiday season demand were among the best performers ahead of the December 10 deadline to report November revenues.
Silicon Integrated Systems, which supplies some chips to Microsoft Corp's Box 360 game console, was among the most active issues and rose 4.93 percent to T$24.50.
Western Corp, one of the Xbox's contract manufacturers, was up 2.46 percent at 41.60. Analysts said the market was also compensating for a sharp last-minute drop on Tuesday blamed on attempts to influence settlement of the November contract for MSCI Taiwan index futures traded in Singapore.
Invented Corp, the parent company of pod contract manufacturer Invented Appliances Corp, rose 3.46 percent to T$19.45 in heavy trading. Invented Appliances surged 6.59 percent to T$183.0.
Tourism and transport shares were also among the best-performing sectors, driven by hopes that the government would lower barriers on trade and travel with China when the political climate calms after weekend local government elections.
Major hoteliers Leofoo Development Co and Ambassador Hotel both jumped by the 7 percent daily trading limit, while Taiwan's largest shipper, Evergreen Marine, rose 2.4 percent to T$21.30.
Tighten Financial Holding Co gained 1.44 percent despite telling Reuters on Tuesday it would miss its 2005 profit target, as the company also said it would consider raising its 22 percent stake in Chang Haw Bank, moving closer to an acquisition.
Chang Haw fell 1.56 percent, however. Steel shares were among the few sectors to post losses, under pressure from worries over competition from China. Sector leader China Steel Corp fell 2.14 percent to T$25.10.