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.
Dignitaries from 47 countries yesterday congratulated President Tsai Ing-wen (蔡英文) on the commencement of her second term and highlighted Taiwan’s achievements in democracy and its response to the COVID-19 pandemic, after US Secretary of State Mike Pompeo sent his congratulations a day earlier. As of noon yesterday, 263 high-ranking officials from 47 countries and global organizations had congratulated Tsai via statements, letters, social media posts or recorded footage, the Ministry of Foreign Affairs said, while releasing a collection of footage sent by selected dignitaries. The governments of Taiwan’s 15 diplomatic allies sent their congratulations, as did the Czech Republic, France, Germany, Italy,
REASSURING NUMBERS: Taiwan’s test capacity ranks sixth or seventh among 91 nations, and is not low compared with other nations, Chen Shih-chung said The quarantine period for foreigners visiting Taiwan for business would vary based on the COVID-19 situation of the nation or territory that they are coming from, the Central Epidemic Command Center (CECC) said yesterday, as it reported the 13th consecutive day of no new cases. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, told reporters at the center’s daily briefing that modified rules covering foreign business visitors had been completed and were ready for him to sign. The complete details of the new rules would be released later this week, he said. Foreigners on long business trips would have
IN PROTEST: The US’ top diplomat said the WHA had been deprived of Taiwan’s scientific expertise, while Tsai said political factors should not be put above health US Secretary of State Michael Pompeo on Monday condemned Taiwan’s exclusion from the World Health Assembly (WHA), while President Tsai Ing-wen (蔡英文) yesterday lodged a strong protest against the WHO for not inviting Taiwan. Twenty-two nations voiced support for Taiwan’s bid for participation on the first day of the assembly’s two-day virtual meeting, but despite the global community’s unprecedentedly strong support for Taiwan, it remained blocked from the assembly, with WHO member states on Monday agreeing to delay discussion on Taiwan until later this year. Pompeo, who on May 6 urged WHO Director-General Tedros Adhanom Ghebreyesus to invite Taiwan to the WHA,
The Central Epidemic Command Center (CECC) yesterday announced no new cases of COVID-19, adding that a ban on mask exports would be lifted soon under three conditions. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said that 401 people from among the nation’s 440 confirmed cases have been removed from isolation. Yesterday was the 12th consecutive day that no new cases of COVID-19 were reported in Taiwan, and the 37th day of no new domestic cases. “As our local communities have gradually become safe, we should not become careless,” Chen said. “We should continue to take personal protective measures