TAIEX stages rebound
The TAIEX staged a technical rebound yesterday following sell-offs in the previous session, with buying focusing on bellwether tech stocks, dealers said.
However, turnover shrank as many investors stayed on the sidelines amid lingering concerns over the weakening US economy and the debt crisis in the eurozone, they said.
The index closed up 161.82 points, or 2.2 percent, at the day’s high of 7,529.01, off an early low of 7,428.70, on turnover of NT$91.49 billion (US$3.14 billion).
Chunghwa Picture’s sales up
Panel maker Chunghwa Picture Tubes Ltd (華映) yesterday reported net sales of NT$5.17 billion last month, up 10 percent month-on-month, but down 22.2 percent year-on-year.
Net sales from its panel business units hit NT$4.88 billion last month, up 12 percent from July, but down 18.6 percent from the same month last year, according to a statement.
Of that, shipments of large-sized panels were up 9.7 percent month-on-month, but down 42.2 percent from last year.
Shipments of small and medium-sized panels climbed 22 percent from a month earlier and 26.9 percent from last year, the company said.
Chinatrust, Mega profits slide
Chinatrust Financial Holding Co (中信金控), the nation’s third-largest financial service provider, yesterday posted a net profit of NT$1.21 billion last month, down 23.66 percent from one month earlier and 9.7 percent from a year ago, as the company set aside more loan loss reserves linked to loss-making ProMOS Technologies Inc (茂德科技), the company said in a statement.
For the first eight months of the year, Chinatrust’s net earnings totaled NT$13.94 billion, or earnings of NT$1.33 per share, the statement said.
The firm said net income would have outpaced July’s figures without the NT$1.03 billion in bad loan provision.
Meanwhile, Mega Financial Holding Co (兆豐金控) posted a net profit of NT$1.34 billion last month, down 37.2 percent from one month earlier, but up 5.5 percent from a year ago, according to its stock exchange filing.
Cumulative net income for the first eight months of the year reached NT$12.92 billion, or NT$1.15 per share.
Taiwan at green tech show
Taiwan has doubled its presence at this year’s International Greentech & Eco Products Exhibition and Conference in Malaysia, a four-day event that opened yesterday at the Kuala Lumpur Convention Center.
The nation is being represented this year by 33 exhibitors at 35 booths, compared with only 14 companies and booths last year, Deputy Representative to Malaysia Lin Ming-li (林明禮) said.
Trade delegation on tour
A Taiwanese delegation has concluded a trade promotion visit to Mexico and left for Nicaragua on Sunday to continue its 13-day Central America tour with the goal of finding new markets for Taiwan’s technology products.
Wang Chung-yu (王鍾渝), chairman of the Taipei-based Chinese International Economic Cooperation Association (CIECA), and Arturo Mendicuti, chairman of Mexico City’s economic federation, presided over an investment conference on Sept. 1 where the two sides exchanged views.
After spending three days in Nicaragua, the delegation will head to Peru for a four-day visit.
NT dollar loses ground
The New Taiwan dollar fell against the US dollar yesterday, closing down NT$0.003 at NT$29.115 on turnover of US$771 million.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
Nvidia Corp’s major server production partner Hon Hai Precision Industry Co (鴻海精密) reported 10.99 percent year-on-year growth in quarterly sales, signaling healthy demand for artificial intelligence (AI) infrastructure. Revenue totaled NT$2.06 trillion (US$67.72 billion) in the last quarter, in line with analysts’ projections, a company statement said. On a quarterly basis, revenue was up 14.47 percent. Hon Hai’s businesses cover four primary product segments: cloud and networking, smart consumer electronics, computing, and components and other products. Last quarter, “cloud and networking products delivered strong growth, components and other products demonstrated significant growth, while smart consumer electronics and computing products slightly declined,” compared with the
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
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