Taiwan's key stock index had its biggest decline in three weeks as investors judged the index's 29 percent gain since this year's low in October already reflects expectations of a pick-up in demand and profit recovery.
Taiwan Semiconductor Manu-facturing Co (TSMC,
The TAIEX Index declined 92.83, or 2 percent, to 4,455.80, its biggest one-day decline in percentage terms since Oct. 30. Within the index 260 stocks fell and 249 rose. TSMC accounted for half the index's drop.
The index's 14-day relative strength measure, derived by averaging out daily gains and daily losses, was at 76.6 yesterday, above the reading of at least 70 which indicates it's poised to fall.
"In the short term, there may be a little bit of a pullback but stocks are priced cheaply," said David Semple, who manages about US$1 billion in global investments at Van Eck Associates in New York, who has bought shares in United Microelectronics Corp (
The total value of shares traded yesterday was NT$122.1 billion (US$3.5 million), the biggest trading day by volume since April 19.
The following stocks made significant gains or losses: Taiwan Semiconductor Manu-facturing Co fell NT$5, or 6.3 percent, to NT$74.50.
The biggest made-to-order chipmaker dropped on concern its 69 percent surge since Oct. 3 is too far, too fast compared to future earnings. HSBC Securities Asia Ltd analyst Abraham Leu downgraded his recommendation on the stock to "reduce" from "add" because "valuation is stretched and the current share price already reflects 2003 earnings projections."
United Microelectronics Corp, the second-biggest made-to-order chipmaker, fell NT$2, or 5.1 percent, to NT$37.50. The stock has gained 60 percent since Oct 3.
Shares of computer parts makers fell after recent gains and after Robert Parry, president of the Federal Reserve Bank of San Francisco, said yesterday rising unemployment and falling consumer confidence mean the US economy will probably contract during the final three months of this year and early next year.
The US buys about a fifth of Taiwan's exports.
Acer Inc (
Asustek Computer Inc (華碩), the biggest computer motherboard maker in Taiwan whose shares are up 6 percent this month, fell NT$2.50, or 2 percent, to NT$125.
Hon Hai Precision Industry Ltd (
Quanta Computer Inc (
Via Technologies Inc (
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day