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Taiwan stocks rose 0.5 percent to a fresh 5-1/2-year closing high on Friday, with ASE leading the gains after the government lifted a ban on local chip packaging and testing firms building plants in China. The main TAIEX share index ended up 35.56 points at 7,171.77, on turnover of T$132.97 billion ($4.17 billion).
The index gained 1.1 percent this week. "The government's China policy is a positive factor for the market and we don't see signs of weakness in corporate fundamentals," said Daniel Tseng, manager at Fubon Securities.
Advanced Semiconductor Engineering Inc (ASE), the world's top microchip packager and the market's most actively traded share, jumped 3.69 percent. Smaller rival Siliconware Precision Industries Co Ltd gained 2.89 percent.
Analysts say they could join foreign rivals in setting up a foothold in China's fast-growing chip market after the government said late on Thursday it would allow investments of low-end semiconductor packaging and testing and small-size panels.
The heavily weighted electronics sub-index gained 1.36 percent, while most asset-related issues weakened after recent run-ups, fuelled by a stronger local currency.
"After most companies reported earnings, our focus will switch to April sales, which we think will rise from last month and a year ago," said Albert Lin, manager at Jih Sun Investment Consulting Co.
Taiwan Semiconductor Manufacturing Co (TSMC), the world's top contract maker of microchips, rose 1.34 percent after it reported an almost doubling in first-quarter profits on Thursday. But TSMC gave a guidance for the second quarter that was more conservative than its smaller rival, United Microelectronics Corp (UMC). UMC's shares rose 3.02 percent.
Acer Inc, the world's fourth largest PC vendor, was another major winner, rising 3.87 percent. Acer posted solid first-quarter earnings after the market closed.
But China Steel Corp shed 3.41 percent after the island's top steel producer posted a 64 percent drop in first-quarter profits.

Copyright Reuters, 2006

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