Shares close flat
Taiwanese shares closed flat yesterday as profit-taking in the high-tech sector compromised gains in old economy firms, dealers said.
The TAIEX index rose 5.06 points, or 0.07 percent, to 7,337.14 on turnover of NT$97.19 billion (US$2.98 billion).
Gainers led losers by 1,268 to 990 with 244 stocks unchanged.
The market opened down as electronic stocks faced pressure after a recent strong showing, while buying in old-economy shares, such as foods and construction, benefited from relatively low valuations, dealers said.
The selling in large cap electronic stocks reflected earnings concerns after heavyweights Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Hon Hai Precision Industry Co (鴻海精密) reported disappointing August sales data, they said.
“High hopes about electronic firms’ outlook have recently boosted the broader market. Investors who wanted to pocket the recent profit used the sales data as an excuse to sell,” President Securities Corp (統一證券) analyst Steven Huang said.
Gas, diesel prices fall
CPC Corp, Taiwan (CPC, 台灣中油) said it would lower gasoline and diesel prices by NT$0.3, effective today. Rival Formosa Petrochemical Corp (台塑石化) said it would match CPC’s cuts.
After the adjustment, CPC’s price for 1 liter of 98-octane unleaded gasoline will be NT$30.5. The price of 95-octane unleaded gasoline will be NT$29.0 and 92-octane unleaded gasoline will cost NT$28.3 per liter. Diesel will cost NT$25.8 per liter.
Regions moderately affected by Typhoon Morakot will see price cuts of NT$0.4 and NT$0.5 on gasoline and diesel respectively.
Meanwhile, those areas that were severely damaged by the typhoon will see gasoline and diesel prices drop by NT$2.5 and NT$1.5 respectively, CPC said.
MediLED set for release
Mediland Enterpise Corp (鼎眾企業), a local medical devices manufacturer, has come out with the nation’s first surgical lighting that runs on light-emitting diode (LED) technology.
Dubbed MediLED, the specialty lighting is undergoing product certification in the US by Underwriters Laboratories Inc.
MediLED has many advantages over current medical lighting, such as a longer life cycle, lower energy consumption and no overheating, but most importantly it can accurately reflect true colors of wounds, which facilitates operations.
One in five hospitals in China uses Mediland surgical lamps. Market penetration in Taiwan is 90 percent, the company says.
NT dollar makes big gain
The New Taiwan dollar completed its biggest weekly gain since May on speculation that Taiwan is nearing new trade and financial agreements with China, the biggest market for its exports.
The NT dollar gained 0.8 percent this week to NT$32.628 at the 4pm close, according to Taipei Forex Inc. It touched NT$32.60 yesterday, the highest level since June 5.
The local currency touched a three-month high after President Ma Ying-jeou (馬英九) said on Thursday that he would return his focus to negotiating a trade accord with China to boost the economy after the deadliest storm in 50 years forced him to reshuffle his Cabinet.
“Reasserting their intention to develop relations with the mainland should be supportive,” said David Cohen, an economist at Action Economics in Singapore.
“The big story is that the global economic data are showing increased evidence that the world is pulling out of the recession,” he said.
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
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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
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six