Share prices close lower
Share prices closed 1.02 percent lower yesterday as market sentiment was dampened by Wall Street’s continued weakness overnight amid lingering concerns about the global economy after a weaker US jobs report, dealers said.
The TAIEX fell 75.31 points to 7,254.06, after moving between 7,251.60 and 7,327.40, on turnover of NT$83.32 billion (US$2.58 billion).
The textile sector suffered the heaviest losses, falling 1.9 percent.
“The latest job report [of the ADP Employer Services] is pointing to a possible gloomy payroll data to be released by the US government later this week,” Mega Securities (兆豐證券) analyst Alex Huang (黃國偉) said.
ADP, a US human resources and payroll data provider, reported the US gained 13,000 jobs last month, significantly lower than the estimated 61,000.
“It seems that doubts about the global economy are increasing and concerns over global demand are escalating accordingly,” Huang said. “That’s why investors at home and abroad rushed to dump their stocks.”
Market confidence was further hurt as the local bourse failed to make a comeback after Wednesday’s losses, Huang said.
“I suspect the selling was among foreign institutional investors who have made net sales on the local bourse in recent trading sessions,” Huang said.
Without immediate resolution to the debt problems in Europe, global markets are very likely to remain volatile, he added.
Hong Tai wins four plots
Hong Tai Life Insurance Co (宏泰人壽) yesterday acquired four plots of land in Tamsui, Taipei, totaling 34,664 ping (114,565m²), for NT$8.166 billion (US$252.8 million), or a unit price of between NT$230,000 and NT$241,000 per ping, realtors said yesterday.
Hong Tai owns a total of 77,000 ping of land there — the largest among its peers.
Another bidder, AdvanceTek Development Co (名軒開發), bought the first 7,625 ping plot of land for NT$1.52 billion, or NT$199,000 per ping, realtors said.
Both Hong Tai and AdvanceTek took part in the auctions organized by the Construction and Planning Agency under the Ministry of the Interior to liquidate a total of eight parcels of land there, three of which failed.
Hon Hai approves investment
Hon Hai Precision Industry Co (鴻海), the world’s largest contract manufacturer of electronics, said its board approved plans to invest an additional US$140 million into a Singapore-based unit.
Hon Hai plans to buy a further 140 million shares of Foxconn Image & Printing Product Pte at US$1 each, the Taipei-based company said in an exchange filing yesterday. The transaction is a long-term investment it said, without elaborating.
Meanwhile, Daiwa-Cathay Capital Markets (大和國泰證券) yesterday recommended a “sell” rating on Hon Hai on concerns over the impact of rising wages in China.
The company’s plan to move its plants to inner China for cheaper labor will not save on costs because the base salary offered in Henan is similar to that in Shenzhen, Daiwa-Cathay analyst Calvin Huang (黃文堯) said in a note to clients.
NT dollar weakens slightly
The New Taiwan dollar yesterday slightly weakened by NT$0.019 to close at NT$32.297 against its US counterpart on a possible intervention from the central bank.
Turnover was US$1.001 billion.
In addition, the central bank yesterday issued NT$115 billion in certificates of deposit, more than the NT$94.7 billion that matured, a statement on its Web site said.
DEVELOPING TALENT: The electronics contractor is looking to recruit people to work in core tech fields and emerging industries like electric cars and robotics Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, has launched a recruitment drive, offering a monthly salary of no less than NT$45,000 (US$1,485) to university graduates. For those with a master’s degree, the starting pay would be NT$52,000 per month at the minimum, while doctorate degree holders would receive at least NT$60,000 a month, Hon Hai said a statement issued early this week. The latest recruitment drive is aimed at attracting talent in core technology fields — artificial intelligence, semiconductors and next-generation mobile communications — and emerging industries — electric vehicles, digital healthcare and robotics, the
MRT TRAVEL FALLS: In February, ridership on the Taipei MRT System fell 8.96 percent from an average of 2.01 million per day in January Scooter sales jumped 13 percent last month as more commuters turned to two-wheelers to avoid public transportation amid the COVID-19 pandemic, the latest statistics showed. Sales expanded to 74,493 units last month, compared with 65,913 units in February, statistics released on Wednesday by Kwang Yang Motor Co (光陽工業) and the Ministry of Transportation and Communications showed. In the first quarter, aggregate sales slid 0.51 percent year-over-year to 186,627 units, from 187,580 units, data showed. Kwang Yang, the nation’s biggest scooter manufacturer, continued to lead the market by selling 24,136 vehicles last month, growing 6.12 percent from 20,785 units in the previous month, while
Asustek Computer Inc (華碩), the nation’s leading PC vendor, yesterday launched its first dual-screen gaming laptop powered by Intel Corp’s latest central processing units (CPUs). The PC manufacturer’s announcement closely followed the US chipmaker’s unveiling of its 10th Generation Core H-series, the fastest commercial mobile processors with speeds of up to 5 gigahertz. Although Asustek’s Zephyrus Duo 15, the highlight of its Republic of Gamers line, is not the company’s first laptop with two screens, it is its first designed specifically for gaming. Nestled between the primary display panel and the keyboard, the secondary display, which Asustek calls the ScreenPad Plus, is angled
NEW CONSIDERATIONS: An airline manager said the idea is tempting, as demand for air cargo is strong, but issues such as training loaders would need to be addressed Taiwanese airlines might repurpose passenger jets to carry cargo in their cabins to offset lost revenue amid the COVID-19 pandemic. Airlines are considering applying to the Civil Aeronautics Administration (CAA) for permission to transport cargo in passenger cabins after StarLux Airlines Co (星宇航空) last month became the first among the nation’s airlines to offer cargo-only flights using the normal cargo holds of its three Airbus SE A321neo passenger jets. “We are considering whether to increase our capacity by putting cargo on passenger seats,” Starlux spokesman Nieh Kuo-wei (聶國維) told the Taipei Times by telephone. “The advantage is that we can improve revenue,