Stocks fell for a seventh day, its longest losing streak in more than 15 months.
Nanya Technology Corp (
"Electronics companies' sales may be rising, but earnings aren't," said Darwin Chang (
"They have no room for profit growth," Chang said.
The TAIEX shed 9.69, or 0.2 percent, to close at 4,535.93. The index has lost 6 percent since Dec. 9.
Nanya Technology, the nation's largest maker of high-speed memory chips, fell NT$0.90, or 4.1 percent, to NT$21.10. Winbond Electronics Corp (
Micron said its net loss increased to $315.9 million in the quarter ended Nov. 28, from US$265.9 million a year ago.
The company said the price of its semiconductors tumbled an average of 12 percent from the fourth period.
Chang said non-electronics stocks such as China Motor Co (
At the end of last year, electronics stocks accounted for 80 percent of his holdings.
Cathay Financial Holding Co (國泰金控), which owns Cathay Life Insurance Co (國泰人壽), rose NT$1.10, or 3.2 percent, to NT$35.60.
A group led by Taiwan Cellular Corp (台灣大哥大), Cathay Life and Fubon Financial Holding Co (富邦金控) paid NT$65.6 billion for 13.5 percent of Chunghwa Telecom Co (中華電信) in the government's biggest asset sale.
Chunghwa Telecom gained NT$0.30, or 0.6 percent, to NT$49.60. Fubon rose NT$0.50, or 1.8 percent, to NT$28.30.
Within the index, almost the same number of stocks fell as rose.
The total value of trade was NT$56.19 billion (US$1.61 billion).
Chang Hwa Commercial Bank (彰化銀行) fell NT$0.40, or 2.4 percent, to NT$16.60. The bank by assets received notification from the Ministry of Finance that it plans to sell its shares in the lender, a local newspaper reported.
Compeq Manufacturing Co (
The printed-circuit-board maker widened its pretax loss forecast for the year by 43 percent to NT$1.69 billion, citing a delayed recovery in demand for notebook and desktop computers.
Genuine C&C Inc (
Yulon Motor Co (
The vehicle-maker expects profit to reach NT$5 billion this year, more than double its NT$2.2 billion target set at the beginning of the year, a local newspaper reported, citing Yulon president Liu Yi-chen (
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
CROSS-STRAIT TENSIONS: The US company could switch orders from TSMC to alternative suppliers, but that would lower chip quality, CEO Jensen Huang said Nvidia Corp CEO Jensen Huang (黃仁勳), whose products have become the hottest commodity in the technology world, on Wednesday said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. “The demand on it is so great, and everyone wants to be first and everyone wants to be most,” he told the audience at a Goldman Sachs Group Inc technology conference in San Francisco. “We probably have more emotional customers today. Deservedly so. It’s tense. We’re trying to do the best we can.” Huang’s company is experiencing strong demand for its latest generation of chips, called
GLOBAL ECONOMY: Policymakers have a choice of a small 25 basis-point cut or a bold cut of 50 basis points, which would help the labor market, but might reignite inflation The US Federal Reserve is gearing up to announce its first interest rate cut in more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election. Senior officials at the US central bank including Fed Chairman Jerome Powell have in recent weeks indicated that a rate cut is coming this month, as inflation eases toward the bank’s long-term target of two percent, and the labor market continues to cool. The Fed, which has a dual mandate from the US Congress to act independently to ensure