Profit taking limits TAIEX
Profit taking emerged on the Taiwan Stock Exchange to reverse an earlier upside, sending the benchmark TAIEX lower at the end of the session yesterday, dealers said.
Selling focused on certain old-economy stocks and added further downward pressure on the broader market amid lingering concerns over the global economy, dealers said.
The weighted index closed down 14.68 points, or 0.20 percent, at 7,437.04, after moving between 7,398.80 and 7,478.51, Turnover totaled NT$66.31 billion (US$2.26 billion) during the session.
Promotions boost car sales
Car sales for the first 10 days of this month grew sharply from a month earlier due to intensive promotion campaigns by car vendors to boost buying interest, according to the latest market data.
During the 10-day period, car sales totaled 5,012 units, up 163 percent from a month earlier and also up 58.7 percent from a year earlier, according to the latest figures from the data communication branch of Chunghwa Telecom Co (中華電信).
During the period of Jan. 1 to Oct. 10, a total of 279,557 cars were sold in Taiwan, down 2.5 percent from a year earlier, the statistics showed.
Matchmaking pays off
Three industry-related organizations from Taiwan — the Taiwan Garment Industry Association, the Taiwan Association of Logistics Management and the Industrial Technology Research Institute — signed letters of intent with their Japanese partners yesterday to pave the way for cooperation on technology, marketing and capital.
The signings took place during an investment matchmaking conference for small and medium-sized enterprises (SMEs) from Taiwan and Japan.
According to the Ministry of Economic Affairs, since the Taiwan-Japan SME cooperation and exchange promoting platform was launched last year, more than 20 cooperation projects worth more than NT$400 million have been achieved.
New homes out of reach
A double-income family has to save all of its disposable income for about 29 years to buy a new home in Taipei, a report showed on Thursday.
To buy a new 35 ping (115.7m2) home with three bedrooms in Taipei, salaried couples aged between 30 and 34 years old have to go 28.8 years without spending a dime of their disposable incomes, according to the report by My Housing magazine.
The number is 2.1 times that in New Taipei City (新北市), where couples in the age bracket have to live 13.5 years without spending their disposable salaries to purchase a newly finished home of the same size, the report showed.
Chinese tourist record set
A record 33,748 Chinese group tourists spent their Golden Week holiday from Sept. 30 to Sunday in Taiwan, the Tourism Bureau said on Thursday.
The figure, which represents a rise of over 75 percent from the 19,223 Chinese tourists who visited Taiwan during the same holiday period last year, is a result of more convenient air services and travel document processing amid the warming cross-strait ties, according to a bureau official.
The bureau forecast over 2 million Chinese tourist arrivals for this year, compared with 1.78 million last year.
NT dollar gains ground
The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.072 to close at NT$29.360. Turnover totaled US$741 million during the trading session.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion