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.
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) investment project in Arizona has progressed better than expected, but it still faces challenges such as water and labor shortages, National Development Council (NDC) Minister Yeh Chun-hsien (葉俊顯) said yesterday. Speaking with reporters after visiting TSMC’s Arizona hub and attending the SelectUSA Investment Summit in Maryland last week, Yeh said TSMC’s Arizona site turned a profit of NT$16.14 billion (US$514 million) last year in its first full year of mass production. “TSMC told me it was surprised by the smooth trial run of the first fab, which has left the company optimistic about the project’s outlook,”
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