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.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from