Taiwan share prices closed 0.39 percent higher yesterday, as investors were encouraged by Wall Street's strong showing overnight on news that Merrill Lynch will receive up to US$6.2 billion from two investment groups, dealers said.
However, trade was a bit erratic with the index slipping into negative territory for a while midmorning before recovering on expectations of support from government-related funds, they said.
The TAIEX closed up 31.59 points at 8,167.07, off a low of 8,119.85 and high of 8,181.61.
Turnover was at NT$74.78 billion US$2.3 billion. Risers led decliners 1,036 to 855, while 510 stocks were unchanged.
A total of 40 stocks closed limit-up, while 47 were limit-down.
The New Taiwan dollar ended the day's session at NT$32.499 to the US dollar, declining NT$0.001 from the previous close.
Frank Lin , senior vice president at Fubon Securities Co (富邦證券), attributed the market's firmer close to the lead from Wall Street and hopes for support from government-linked funds.
"The local bourse extended its technical rebound following previous slumps, with the New York lead and government support hopes serving as positive drivers," he said.
However, light volumes reflect lingering political concerns ahead of parliamentary elections in January and presidential polls in March, he said.
Lin also said that many traders, particularly from foreign institutions, were on year-end holidays.
The market's gains in the last few sessions should be considered a technical recovery following earlier volatility, rather than as any indicator for prospects moving forward, he said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence