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Taiwan stocks edged higher to close at a 20-month high on Tuesday, with gains in the financial sector offset by weaker technology shares due to expectations of slower exports in the first quarter.
The TAIEX rose 0.3 percent to end at 6,144.01, its highest close since late April 2002. Turnover was active at T$126.61 billion, but falling from a two-month high of T$135.64 billion on Monday.
"The slack season factor remains a concern, so selling pressure on the tech sector won't be easily erased in the short term," said Kevin Lin, who helps manages a US $580 million fund at Shinkong Investment Trust.
The TAIEX has risen 5.5 percent over the past four trading sessions as improving economic fundamentals fuelled buying in financial and raw material shares.
The financial sub-index bounced from early losses to close up one percent on investor hopes of more mergers in the island's overcrowded banking industry.
Shares in China Development Financial Holding rose 1.1 percent to T$18.40 and rival First Financial Holding added 2.34 percent to T$26.20. They were the market's two most active issues in terms of volume.
The electronics sub-index inched up 0.03 percent as Taiwan Semiconductor Manufacturing Co (TSMC), the market's most heavily weighted stock, ended flat at T$66.00 despite sharp gains in US tech shares on Monday.
Shares in Asustek Computer, Taiwan's largest computer motherboard maker, slipped 0.66 percent to T$75.50 and shares in flat-screen monitor maker BenQ Corp lost 0.47 percent to T$42.50.
While investors were expecting slow exports for the tech sector after the annual pre-Christmas peak manufacturing season came to an end, bargain hunters poured money into select tech companies with improving fundamentals.
For example, shares in Unitech, a printed circuit board maker, rose 2.55 percent to T$20.10 due to anticipations of rising demand for its products used in mobile phones.
The TAIEX rose 32 percent in 2003, its best year since 1996.
The over-the-counter TAISDAQ index closed up 0.51 percent at 121.35 on Tuesday, while January TAIEX futures jumped 0.26 percent to finish at 6,160.

Copyright Reuters, 2004

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