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ASM International shares surge on outlook

AMSTERDAM, Nov 1 (Reuters) - Shares in ASM International rose by 14 percent on Thursday after the semiconductor industry firm issued a bullish outlook -- countering fears of a downturn in the chip market.

“New orders received of 258 million euros, at the highest level in history, increased 47 percent compared to the second quarter of 2018,” the company said in a statement accompanying the release of its quarterly earnings after the close of markets on Wednesday.

Shares rose 14.3 percent to 43.44 euros by 0830 GMT on Thursday, though they are still down 17 percent year to date.

ASMI helps chipmakers with both the preparation of silicon wafers before they are made into computer chips, and semiconductor assembly and packaging.

ASMI said “the high order intake is driven by logic, foundry and analog” computer chip makers.

The company reported quarterly net profit of 39.1 million euros, up from 37.3 million euros in the same period a year ago.

Net sales for the third quarter were 196 million euros, up 10 percent year on year.

The company forecast fourth quarter sales of 220-250 million euros, and new order intake of around 250 million euros. (Reporting by Toby Sterling Editing by Keith Weir)