State-run Hua Nan Financial Holding Co (華南金控) yesterday said it will expand its portfolio of Taiwanese stocks by between NT$3 billion and NT$5 billion (US$97.43 million and US$162.38 million).
It will add companies listed on the FTSE Taiwan 50 Index and other blue chips to its equity portfolio, as well as exchange-traded funds tracking Taiwanese stocks, it said.
In anticipation of possible effects from US interest rate hikes, the company will take a conservative approach in its foreign-currency-denominated bond investments, it added.
The company said it has shortened its preferred bond duration from 4.8 years to 4.5 years.
The proportion of foreign bonds that are slated to be held until maturity will be raised from 46 percent to 50 percent, it said.
As of the end of last year, the company held US$1.63 billion in US debt, a figure expected to rise to US$2.5 billion by the end of this year, it said.
Hua Nan Commercial Bank (華南銀行) has set a target to improve its net interest margin from 1.03 percent last year to 1.05 percent at the end of this year.
NOT ALL GOOD: Analysts warned that other data for last month might be less rosy due to the virus and analysts expect the PMI to contract again next month Chinese factory activity saw surprise growth last month as businesses went back to work following a lengthy shutdown, but analysts said that the economy faces a challenging recovery as external demand has been devastated by the COVID-19 pandemic, while the World Bank said that growth could screech to a halt. China is slowly returning to life after months of tough restrictions aimed at containing the virus, which put millions of people into virtual house arrest and brought economic activity to a near standstill. The strict measures saw a closely watched gauge of manufacturing plunge to its lowest level on record in February,
The output of the global smartphone industry this year is to contract by 7.8 percent on an annual basis as the COVID-19 pandemic ushers in a global recession, Taipei-based market researcher TrendForce Corp (集邦科技) said in a report on Monday. The global production of smartphones is expected to fall to 1.29 billion units, as the pandemic dampens demand for consumer electronics, leading to a decline in shipments across Europe and North America, TrendForce said. With consumers delaying smartphone purchases and thereby lengthening the device replacement cycle, overall prices would suffer a setback that is expected to negatively affect the profitability of smartphone
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