Taiwan's key stock index rose, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), as investors continued to buy the stock on expectations demand for chips will improve, boosting earnings.
Leaving the market mixed, Cathay Life Insurance Co (國泰人壽) fell on concerns it may have to pay out life insurance premiums after more than 60 people died after Typhoon Toraji swept through the nation Monday.
The TWSE Index rose 1.54, or 0.04 percent, to 4,354.52. Three stocks fell for every one that rose. Trade at NT$48.33 billion was 36 percent less than this year's daily average of NT$75.88 billion.
"I think it's time to buy back" TSMC shares, said Simon Chao, who manages NT$700 million (US$20 million) in Taiwan stocks at President Investment Corp (統一投資). "Maybe the third quarter will be the worst time but things will gradually get better." Chao has been buying TSMC in the last week.
TSMC rose NT$2.50, or 3.8 percent, to NT$68.50 after NT$2.58 billion flowed into the biggest made-to-order chipmaker in the month before yesterday, according to Bloomberg analytics. Money flow calculates the difference between the value of trades made at a higher price than the previous trade and those made at a lower price. These inflows and outflows show whether people are willing to pay more for a stock that's rising or to sell a stock that's falling for less. TSMC's American depositary receipts Tuesday rose US$0.99, or 6.5 percent, to US$16.30.
Cathay Life Insurance fell NT$0.60, or 2 percent, to NT$29.20 on concerns it may have to pay out life insurance policies after Typhoon Toraji killed at least 61 people and left 152 people missing after passing through the nation Monday.
Cathay United Bank Ltd (匯通銀行) rose NT$0.05, or 1 percent, to NT$5.05. The bank, part of the Lin Yuan Group (霖園集團), Taiwan's largest financial conglomerate, plans to merge with E.Sun Commercial Bank (玉山銀行), said Vincent Wang, an executive vice president at Cathay United. Joseph Huang, a special assistant to the president at E.Sun, said the bank has no plans to merge with Cathy United or anyone else at the moment. E.Sun fell NT$0.40, or 3.9 percent, to NT$9.85.
Hon Hai Precision Industry Ltd (
MediaTek Inc (
VIA Technologies Inc (威盛科技) fell NT$2, or 0.9 percent, to NT$218 on concerns the company's July sales will show that demand for the company's chipsets may slide along with computer demand. VIA will release its July sales figure yesterday.
Memory chipmakers declined as the spot price for the megabit dynamic random access memory chip remained at a tenth of their cost a year ago. It's now worth US$0.85, down from almost US$9 a year ago, according to DRAM Exchange, a market place for memory chips. Mosel Vitelic Inc (
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