The TAIEX rose 178.37 points, or 1.9 percent, to close at 9,809.88 points yesterday -- - its highest since April 2000 -- boosted by a Wall Street rally at the end of last week and strong third-quarter earnings and fourth-quarter guidance from electronics companies.
Yesterday's close was also the best after the Democratic Progressive Party came to power, fueling investors' expectation that the local bourse would soon challenge the 10,000 point level.
Risers led decliners 1,319 to 726, with 245 stocks unchanged.
A total of 53 stocks closed limit-up and seven limit-down.
Cecelia Lu of Taiwan International Securities (
"Investor demand has returned to electronics shares," Lu said. "And the significant appreciation of the [New] Taiwan dollar of late also increased demand for asset-rich companies."
Several major stocks' gains led yesterday's seven-year record.
Hon Hai Precision Industry Co (
Hon Hai paced exporters' gains amid speculation that the worst of the US subprime mortgage crisis was over.
In the US, third-quarter sales at Microsoft Corp beat projections by more than US$1 billion, the world's largest software company said on Thursday. Countrywide Financial Corp, the No. 1 US mortgage lender, said on Friday that last quarter was its "earnings trough'' and that it would return to profit in the current period.
"Corporate earnings are sustainable and will keep the US economy from slowing," said Yin Nai-yun (
Taiwan Semiconductor Manu-facturing Co (TSMC, 台積電), the world's largest contract chipmaker, advanced NT$2.30, or 3.7 percent, to NT$63.90. TSMC makes about three quarters of its sales to the US.
Acer, the world's fourth-largest computer vendor, jumped NT$4.90, or 6.7 percent, to NT$78.10. Acer chairman Wang Jeng-tang (
United Microelectronics Corp (
In addition, Formosa Plastics Corp (台塑), the world's second-largest maker of polyvinyl chloride, climbed NT$1.50, or 1.5 percent, to NT$99.40. Formosa Plastics' profit in the third quarter surged 65 percent to NT$20.1 billion (US$619 million) from a year earlier. The figure was derived by deducting first-half profit from nine-month earnings the company announced on Friday.
Fubon Financial Holding Co (富邦金控), the second-largest local financial company by market value, gained US$0.85, or 2.8 percent, to NT$31.50. Fubon plans to set up an insurance unit in China through a joint venture, the Chinese-language Commercial Times reported on Saturday, citing property insurer Fubon Insurance Co (富邦產險) president Chen Tsan-huang (陳燦煌).
Formosa Petrochemical Corp (台塑石化), the only publicly traded oil refiner, rose NT$2.50, or 2.5 percent, to NT$104.50. Formosa Petrochemical said profit in the first nine months rose 66 percent from a year earlier to NT$51.4 billion.
Nan Ya Plastics Corp. (南亞塑膠), the world's largest processor of plastics for pipes and imitation leather, added NT$1.10, or 1.1 percent, to NT$98.10. Nan Ya posted a 34 percent gain in third-quarter profit to NT$20.7 billion from a year earlier. The figure was derived by deducting first-half profit from nine-month earnings the firm announced.
SOURED RELATIONS: Program director Jennifer Liu said the move to Taipei was due to a ‘perceived lack of friendliness’ from Beijing Language and Culture University Harvard University is to relocate its summer Mandarin program from Beijing to National Taiwan University (NTU) starting next year, a student publication reported on Thursday last week. Run at Beijing Language and Culture University (BLCU) since 2004, the Harvard Beijing Academy is to become the Harvard Taipei Academy once it moves to Taiwan, Crimson magazine reported. Program director Jennifer Liu (劉力嘉) attributed the decision to a “perceived lack of friendliness” from the Chinese university, potentially due to shifting political winds. Liu told the magazine that BLCU in recent years had failed to provide a single dorm for the students or separate accommodation of
ADVANCING TECH: With revenue on target to reach US$15.4 billion, the Hsinchu-based chipmaker said it is looking to produce 3-nanometer chips later this year Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday announced plans to build a new plant in Japan next year to produce 22-nanometer and 28-nanometer chips in its latest effort to expand its global manufacturing footprint. The Japanese fab is to start operations in 2024, the world’s biggest contract chipmaker said, ending months of speculation. “We have received strong commitment to supporting this project from our customers and the Japanese government,” TSMC chief executive officer C.C. Wei (魏哲家) told a quarterly investors’ conference. “We believe the expansion of our global manufacturing footprint will enable us to better serve our customers’ needs and reach global talent,
KNOWN ISSUES: Fire safety issues were found in the 40-year-old building, which previously housed a theater and restaurants, in 2019, last year and May, an official said Forty-six people died and 41 were injured in a building fire that raged out of control for hours overnight in Kaohsiung, authorities said yesterday. Flames and smoke billowed from the lower floors of the 13-story Cheng Chung Cheng (城中城) building on Fubei Road in Yancheng District (鹽埕), as firefighters tried to douse the blaze from the street and aerial platforms. The death toll rose steadily through the day as rescue workers searched the combined commercial and residential building. By late afternoon, authorities said 32 bodies had been found, while a further 14 people who showed no signs of life were among 55
China’s recent increase in military exercises and warplane missions near Taiwan was necessary to defend sovereignty and territory, a Chinese official said yesterday, prompting Taipei to say that it had sabotaged peace and stability across the Taiwan Strait. China’s military flew 56 planes off the southwest coast of Taiwan on a single day earlier this month, a single-day record that capped four days of a sustained pressure campaign involving 149 flights in international airspace. The purpose of the maneuvers was to “fundamentally safeguard the overall interests of the Chinese nation and the vital interests of people on both sides of the Taiwan