Taiwanese shares closed up 1.9 percent yesterday, tracking a strong Wall Street rebound fueled by troubled banking giant Citigroup’s upbeat outlook, dealers said.
The weighted index rose 88.94 points to 4,759.96 on expanded turnover of NT$111.9 billion (US$3.25 billion).
Gainers outnumbered losers 1,128 to 662, while 154 shares remained unchanged.
A total of 61 stocks rose to their 7 percent daily limit, against 13 limit-down.
“The market apparently got a boost from Wall Street’s overnight rally,” said Chen Yu-yu (陳育娛) of Capital Securities.
Rotational play featured in the rally as investors turned to traditional shares led by plastics and financials, he said.
Plastics surged 6.32 percent, while financials, which had become the top selling targets of foreign investors over the past few weeks due to their bleak outlook, rose 4.22 percent.
US banking giant Citigroup said it would swing to profitability early this year after punishing losses last year.
The electronics sector edged up 0.79 percent as investors cashed out, and trading in the sector fell to 64.75 percent of the total volume, down from a recent peak of 70 percent.
Formosa Plastics surged 6.68 percent at 52.7, Cathay Financial Holding rose 5.54 percent at 25.7, and Taiwan Cement finished up 1.12 percent at 27.2.
Taiwan Semiconductor Manufacturing Co, the world’s biggest contract microchip maker, rose 3.3 percent to 48.7.
Rival United Microelectronics Corp added 4 percent to 9.52.
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],”