Asian stocks closed higher on Friday with underlying sentiment remaining firm as investors consolidated in the wake of Hurricane Katrina, dealers said.
They said while oil prices remained high, some markets were boosted by speculation the US Federal Reserve is likely to halt interest rate rises sooner rather than later after softer second-quarter growth data and the devastation in New Orleans.
Taipei was bolstered by an appreciating local currency while investors continued to push Tokyo higher in anticipation of brighter economic prospects. Seoul also rose, on the back of solid economic data.
The TAIEX closed 1.37 percent higher on a technical rebound triggered by the appreciation of the local currency against the US dollar on Friday.
Dealers said the steel sector led the gains on hopes of price hikes for their products, making up for the technical correction in large-cap Taiwan Semiconductor Manufacturing Co (台積電).
"The leap in the Taiwan dollar sparked hopes that the [currency's] bottom had been tested," said Jack Tam, an assistant vice president with Yuanta Core Pacific Capital Management Co Ltd (元大京華投顧).
"It also ignited expectations of foreign capital inflows and gave a lift to the stock market," Tam added.
The TAIEX closed up 82.58 points at 6,116.05 on turnover of NT$72.34 billion (US$2.22 billion).
Tokyo share prices extended a winning streak, rising 0.74 percent to a new four-year high as recent surges in oil prices did little to dent confidence in Japan's economy.
Dealers said rising energy costs in the wake of Hurricane Katrina were unlikely to derail Japan's economic recovery despite its dependence on oil imports.
The NIKKEI-225 index rose 93.03 points to close at 12,600.00, the highest level since July 5, 2001.
In Seoul share prices closed 0.86 percent higher, extending gains into a fourth day as concerns over the economic eased after strong second quarter figures. The KOSPI index closed up 9.46 points at 1,115.83.
Hong Kong share prices closed 0.52 percent higher as property stocks extended gains on hopes that upcoming residential project launches and a government land auction will boost the sector.
Dealers said retailers also gained on expectations of higher sales following the opening of the Disneyland theme park on Sept. 12.
The Hang Seng Index closed up 78.14 points at 15,221.89.
Sydney share prices closed 0.54 percent lower after breaching record levels earlier in the day in volatile trade.
Dealers said that strong overnight gains in commodity prices prompted buying in resources stocks but they, along with the banks, were then sold off for quick profit later in the day.
The S&P/ASX 200 closed down 24.1 points at 4,473.6.
In Shanghai share prices extended gains, adding 0.33 percent on sustained follow-through buying interest.
The Shanghai A-share Index rose 4.09 points to 1,249.30, while the Shenzhen A-share Index was up 1.93 points or 0.65 percent at 296.77.
The benchmark Shanghai Composite Index, which covers A and B-shares, closed up 3.92 points or 0.33 percent at 1,188.85.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
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],”