Share prices closed 0.38 percent higher yesterday, building on Thursday's gains as bargain-hunting in the key electronics sector offset early losses due to Wall Street's overnight downturn, dealers said.
Pick-up
The pick-up, however, came in cautious trade as the market waited for the key US march employment report due out later in the day for a clear lead on the outlook for US interest rates and the US dollar.
The TAIEX closed up 22.87 points at 6,028.75, on turnover of NT$74.43 billion (US$2.36 billion). Declines led gainers 524 to 371, with 123 stocks unchanged.
Turnover falls
For the week to yesterday, the weighted index dropped 23.16 points or 0.38 percent after a 0.36 percent gain the previous week. Average daily turnover fell to NT$63.81 billion from NT$64.60 billion.
"Investors are not likely to trade actively until the quarterly results are made public later this month," said Bentham Hung (洪永聰) of Fuh-Hwa Securities Investment and Trust Co (復華投信).
Interest in the results will be keener as they will be the first under new tighter accounting rules while how the New Taiwan dollar trades will also be a major factor, Hung said.
Expectations
Share prices are expected to trade within a narrow 200-points range next week, dealers said.
Daneil Hsin of Capital Securities Corp put next week's trading range at 5,950-6,100 points, noting that the "downside would be limited ... There is very strong support at ... around 5,900 points."
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
Qualcomm Inc is strengthening its partnerships with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and original design manufacturers (ODMs) in Taiwan as it expands its presence in the artificial intelligence (AI) computer market, CEO Cristiano Amon said in Taipei yesterday ahead of the annual Computex trade show. “Historically we’ve always been a very big customer of TSMC, and we continue to be,” Amon said during a media Q&A session. “For chip manufacturing, we’re among the largest fabless [semiconductor designers],” he said, noting that Qualcomm, a leading provider of mobile and AI-enabled chipsets, ships about 40 billion components every year, with TSMC being
‘FAILED EXPORT CONTROLS’: Jensen Huang said that Washington should maximize the speed of AI diffusion, because not doing so would give competitors an advantage Nvidia Corp cofounder and chief executive officer Jensen Huang (黃仁勳) yesterday criticized the US government’s restrictions on exports of artificial intelligence (AI) chips to China, saying that the policy was a failure and would only spur China to accelerate AI development. The export controls gave China the spirit, motivation and government support to accelerate AI development, Huang told reporters at the Computex trade show in Taipei. The competition in China is already intense, given its strong software capabilities, extensive technology ecosystems and work efficiency, he said. “All in all, the export controls were a failure. The facts would suggest it,” he said. “The US
NEW PRODUCTS: MediaTek has been diversifying its product lines to minimize operational risks as mobile chips remain the company’s biggest revenue source MediaTek Inc (聯發科), the world’s biggest supplier of smartphone chips, yesterday said the tape-out process for its first 2-nanometer chip would take place in September, paving the way for volume production of its most advanced chip, likely to be its next-generation flagship smartphone chip, around the year-end at the earliest. MediaTek has been leveraging advanced process technologies from its foundry partner, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to build its flagship mobile phone chips, a segment it once relinquished and then recovered four years ago as it released its Dimensity series. In the semiconductor industry, a tape-out refers to the
RSS