Greek fears spook TAIEX
Taiwan share prices faced a mild pullback on technical factors yesterday after recent significant gains, as concerns over the debt crisis in Greece returned to haunt market sentiment, dealers said.
Selling focused on large cap high-tech stocks, with losses led by cellphone camera lensmaker Largan Precision Co (大立光) after it reported a sharp decline in its gross margin for the fourth quarter of last year, dealers said.
The weighted index closed down 48.51 points, or 0.61 percent, at 7,862.27. Turnover totaled NT$147.62 billion (US$5 billion) during the session.
TSMC bucks downtrend
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s top contract chipmaker, yesterday said revenues last month expanded 10.6 percent to NT$34.57 billion from December’s NT$31.24 billion, bucking a downtrend in the seasonally slow period.
That represented an annual decline of 2.3 percent.
TSMC chairman and CEO Morris Chang (張忠謀) forecast last month that the chipmaker’s revenues would be flattish this quarter, compared to last quarter’s NT$104.71 billion, thanks to customer’s restocking demand.
UMC revenue hits low
United Microelectronics Corp (UMC, 聯電), the world’s second-largest contract chipmaker, said on Thursday that its revenue dropped to a 32-month low of NT$8.05 billion last month.
UMC said rush orders from consumer electronics and computer companies helped maintain sales figures at a stable level during the traditionally slow season, despite the 0.67 percent monthly decline.
Cathay losses widen
The nation’s largest financial services provider by assets, Cathay Financial Holding Co (國泰金控), reported NT$ 1.08 billion in net losses last month, widening from losses of NT$510 million in December, dragged by its life insurance subsidiary, a stock exchange filing showed yesterday.
Cathay Life Insurance Co (國泰人壽) posted losses of NT$2.37 billion in January, from losses of NT$820 million from the previous month.
Hon Hai revenues up by 46%
Hon Hai Precision Industry Co Ltd (鴻海精密), which assembles iPhones and iPads for Apple Inc, yesterday said revenues expanded 46.48 percent to NT$274.66 billion last month, compared with NT$316.94 billion in January last year.
On a monthly basis, last month’s revenues dropped 13 percent from December’s NT$316.94 billion, which was a historic high.
Ministry plans special office
The Ministry of Economic Affairs (MOEA) said yesterday it is planning to set up an office in March exclusively for industrial cooperation between Taiwan and Japan.
The office will handle individual applications and serve as a platform to ensure fluid inter-ministerial communication in all matters of industrial cooperation between the two nations, the MOEA’s Industrial Development Bureau said.
Regional woes hit NT dollar
The New Taiwan (NT) dollar dropped against the US dollar yesterday, down NT$0.065 to close at NT$29.560 as traders cut their positions in the local currency after taking cues from the weakness of other currencies in the region, dealers said.
The local central bank was believed to have stepped in to buy US dollars to boost the unit above the NT$29.50 level.
Turnover totaled US$1.12 billion during the trading session.