Taiwanese shares closed up 1.03 percent yesterday as bargain hunters emerged in late trade to help the market recoup early heavy losses on an overnight Wall Street dive, dealers said.
The weighted index rose 48.21 points to 4,742.33, off a low of 4,468.08 and a high of 4,777.23, on turnover of NT$67.18 billion (US$2.05 billion).
Gainers led losers by 992 to 447 with 333 stocks unchanged.
The market opened sharply lower but with the index moving below 4,500 points, a number of investors reversed their course to pick up cheap stocks, particularly in the battered financial sector, to lift the broader market, dealers said.
Investors also set aside anti-China sentiment from the opposition Democratic Progressive Party, while violent protests against a visit by a top Chinese envoy left more than 60 police and about 20 others injured, they said.
“Financial stocks look attractive on their low valuations,” President Securities (統一證券) analyst Vickie Hsieh (謝雯霞) said.
“Investors have high hopes that China and Taiwan will enter talks for closer financial cooperation in the next bilateral meeting scheduled for the first half of next year,” Hsieh said.
While the market may rise above the 5,000-point level again next week, selling pressure may emerge to erode the gains with technical support at around 4,500 points, dealers said.
For the week, the weighted closed down 128.33 points or 2.63 percent after a 6.36 percent increase a week earlier.
Average daily turnover stood at NT$72.04 billion, compared with NT$68.42 billion a week ago.
When Lika Megreladze was a child, life in her native western Georgian region of Guria revolved around tea. Her mother worked for decades as a scientist at the Soviet Union’s Institute of Tea and Subtropical Crops in the village of Anaseuli, Georgia, perfecting cultivation methods for a Georgian tea industry that supplied the bulk of the vast communist state’s brews. “When I was a child, this was only my mum’s workplace. Only later I realized that it was something big,” she said. Now, the institute lies abandoned. Yellowed papers are strewn around its decaying corridors, and a statue of Soviet founder Vladimir Lenin
UNIFYING OPPOSITION: Numerous companies have registered complaints over the potential levies, bringing together rival automakers in voicing their reservations US President Donald Trump is readying plans for industry-specific tariffs to kick in alongside his country-by-country duties in two weeks, ramping up his push to reshape the US’ standing in the global trading system by penalizing purchases from abroad. Administration officials could release details of Trump’s planned 50 percent duty on copper in the days before they are set to take effect on Friday next week, a person familiar with the matter said. That is the same date Trump’s “reciprocal” levies on products from more than 100 nations are slated to begin. Trump on Tuesday said that he is likely to impose tariffs
ELECTRONICS BOOST: A predicted surge in exports would likely be driven by ICT products, exports of which have soared 84.7 percent from a year earlier, DBS said DBS Bank Ltd (星展銀行) yesterday raised its GDP growth forecast for Taiwan this year to 4 percent from 3 percent, citing robust demand for artificial intelligence (AI)-related exports and accelerated shipment activity, which are expected to offset potential headwinds from US tariffs. “Our GDP growth forecast for 2025 is revised up to 4 percent from 3 percent to reflect front-loaded exports and strong AI demand,” Singapore-based DBS senior economist Ma Tieying (馬鐵英) said in an online briefing. Taiwan’s second-quarter performance beat expectations, with GDP growth likely surpassing 5 percent, driven by a 34.1 percent year-on-year increase in exports, Ma said, citing government
HELPING HAND: Approving the sale of H20s could give China the edge it needs to capture market share and become the global standard, a US representative said The US President Donald Trump administration’s decision allowing Nvidia Corp to resume shipments of its H20 artificial intelligence (AI) chips to China risks bolstering Beijing’s military capabilities and expanding its capacity to compete with the US, the head of the US House Select Committee on Strategic Competition Between the United States and the Chinese Communist Party said. “The H20, which is a cost-effective and powerful AI inference chip, far surpasses China’s indigenous capability and would therefore provide a substantial increase to China’s AI development,” committee chairman John Moolenaar, a Michigan Republican, said on Friday in a letter to US Secretary of
RSS