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Taiwan Stocks Rally Most in Seven Months on Late-Day Jump

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June 28 (Bloomberg) -- Taiwan’s stocks jumped in the last minute of trading, capping the benchmark index’s biggest gain in seven months. Chipmakers led the advance.

The Taiex index climbed 2.3 percent to 8,062.21, with about half of those gains coming just before the close. Taiwan Semiconductor Manufacturing Co., which has the biggest weighting on the gauge, rallied 6.2 percent to NT$111, after advancing 2.3 percent in the last six minutes. Chunghwa Telecom Co. rose 6.4 percent to NT$102, the biggest gain since October 2008.

“There’s a chance foreigners are doing window dressing” to boost net asset values for their semi-annual reports, Diana Wu, a vice-president at Capital Securities Corp., said by phone in Taipei today.

William Tseng, deputy finance minister, didn’t immediately answer calls to his mobile phone. Michael Lin, a spokesman for the Taiwan Stock Exchange, said he doesn’t know why the index surged in the last minute.

The Taiex index jumped 3.5 percent this week as Taiwan lawmakers voted to roll back provisions of a capital gains tax on certain stock sales and removed an index price threshold that depressed shares and dragged down market trading volume.

The gauge, which has advanced 4.7 percent this year, trades at 13.9 times 12-month projected profit, compared with the MSCI Emerging Market index’s 9.7 times, according to data compiled by Bloomberg.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.

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