Headlines | Previous Story DJ Taiwan Hot Stock: ASE Up After ADRs Rebound Overnight
TAIPEI (Dow Jones)--Shares of Advanced Semiconductor Engineering Inc. (ASX) are rising Tuesday, outperforming the broad market, after overnight gains in the company's American Depositary Receipts, said analysts.
At 0339 GMT, the stock was up NT$1.10 (US$1=NT$34.094), or 3.6%, to NT$32.10, on volume of 19.11 million shares.
The main board's benchmark index was up 1.18% at 5890.32.
The strength in ASE's ADRS and gains in U.S. technology stocks overnight are fueling the rise in its shares Tuesday, said an analyst at Jih Sun Securities.
ASE's ADRs rose 2.5% to US$4.59 in the U.S. Monday, while the Philadelphia Semiconductor index surged 3.62% and the Nasdaq Composite advanced 2.81%.
Taiwan's technology-weighted stock market tends to track overnight movements in its U.S. counterparts.
Shares of ASE, the world's second largest semiconductor packaging and testing company, had previously fallen almost 15% to Monday's close of NT$31.00 from an intraday high of NT$36.40 on Nov. 10, its highest level since April 29, 2002.
"We expect profit-taking pressure to fade away after the recent correction," said the analyst.
He also predicted ASE's November sales would be higher than last month's, with ASE's shares providing investors a good opportunity at their current level.
-By Sabrina Kuo, Dow Jones Newswires; 8862-2502-2557; firstname.lastname@example.org
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so, dont get used to not seeing me on the board, i'll be back faster than your wife can give a BJ.