TAIEX up on Fubon report
The TAIEX closed higher yesterday as the financial sector staged a rebound driven by a strong first-quarter earnings report by Fubon Financial Holding Co (富邦金控), dealers said. However, the gains were capped as local retail investors feared foreign institutional investors would move their funds out of East Asia amid a race by regional economies to depreciate their currencies against the US dollar, they said. The weighted index closed up 24.26 points, or 0.31 percent, at 7,752.80, on turnover of NT$64.71 billion (US$2.16 billion).
Semiconductor spending up
Taiwan was the world’s largest consumer of semiconductor materials for the third year in a row last year, despite a decline in the global market, a report by industry association SEMI said. Spending on semiconductor materials hit US$10.32 billion last year, an increase of 2 percent from US$10.11 billion in 2011, SEMI said on Monday.
ASE planning expansion
Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) yesterday said it will expand its production base in Greater Kaohsiung, with construction scheduled to begin tomorrow. The expansion in the second industrial park of the Nantze Export Processing Zone will include a research and development building and two high-end chip plants, ASE said. The project is expected to create about 6,000 jobs.