Taiwan's key stock index rose to its highest in almost three months after the central bank followed the US and cut interest rates, which may spur economic growth and demand for electronic products.
Via Technologies Inc, the island's largest chipset maker, also paced gains after it said January sales nearly doubled from a year ago.
The TWSE Index advanced 151.33, or 2.6 percent, to 6,049.26, its highest close since Nov. 10. It rose 3.4 percent in the week.
Within the index, 469 stocks rose and just 15 fell. The total value of trade was NT$165 billion (US$5 billion), more than double the year-to-date average of NT$75.8 billion.
The Central Bank of China cut the rediscount rate, charged to commercial lenders for 10-day loans, to 4.375 percent from 4.625 percent, the second reduction in just over a month.
"Just like the US the interest rate cut will help investor confidence," said James Liu, who manages NT$3 billion (US$93 million) in Taiwan equities at ING CHB Securities Investment & Trust Ltd. in Taipei. "We believe an interest rate cut is good for electronics. It will help confidence as inventories may fall and companies may make more purchases." Further boosting sentiment were expectations that Taiwan's Premier Chang Chun-hsiung (張俊雄) and President Chen Shui-bian (陳水扁) will accept parliament's demand to resume work on an incomplete nuclear power plant.
Chang met with Legislative Yuan President Wang Jin-pyng (
The following stocks made significant gains or losses.
Via Technologies Inc (
Banks advanced as an interest rate cut by the central bank may spur loan demand and income. "Buy Chinatrust and Taishin as major beneficiaries of lower interest rates," Credit Suisse First Boston analyst Sherry Lin wrote in a report to clients. "Sector restructuring is likely to take place this year. Sinopac's excellent franchise almost guarantees its alliance with other powerful financial institutions." China Development Industrial Bank (
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique