The TAIEX slumped to its lowest level in two weeks, led by Taiwan Semiconductor Manufacturing Co (TSMC,
Declines in share prices accelerated after the Taiwan government said yesterday that orders for Taiwan exports fell in July and manufacturers cut production, suggesting the economy may be in recession.
The TAIEX dropped 75.21, or 1.7 percent, to 4487.52, its lowest level since Aug. 10. Within the index, 225 stocks rose and 217 fell. The total value of trade today was NT$46.93 (US$1.36 billion), more than a third less than the year to date average of NT$73.43 billion.
Chipmakers dropped after the Philadelphia Semiconductor Index, a price-weighted index of 16 companies that design and make chips, fell 4.3 percent Tuesday. The TAIEX and the Philadelphia Semiconductor Index have a correlation of 0.9 over the last 12 months, according to Bloomberg analysis. A correlation of "one" indicates the two indexes move in tandem.
TSMC, the largest contract chipmaker, fell NT$4.50, or 6.8 percent, to NT$62. TSMC's American depositary receipts fell 6.5 percent.
United Microelectronics Corp (UMC,
Government controlled banks rose. Taiwan plans to cut its stake in banks to less than 20 percent within five years, the Asian Wall Street Journal reported, citing Finance Minister Yen Ching-chang (
A 200-member council made up of academics, company executives and government officials, will hold a three-day conference beginning tomorrow to discuss the proposal and other policy recommendations, the paper reported.
Chang Hwa Commercial Bank (彰化銀行), the third-largest listed lender by assets, rose NT$0.30, or 2.3 percent, to NT$13.35. China Development Industrial Bank (中華開發銀行), the biggest listed lender, rose NT$0.30, or 1.3 percent, to NT$22.80. International Commercial Bank of China (中國商銀), the fifth biggest listed lender by assets, rose NT$0.40, or 2.3 percent, to NT$17.50. Hua Nan Commercial Bank (華南銀行), the second-biggest listed lender by assets, rose NT$0.20, or 1.2 percent, to NT$16.50.
Some computer parts makers and assemblers fell on concern an extended slump in the US may trim orders from Taiwan, causing sales and earnings to slide. Asustek Computer Inc (
Acer Inc (宏電) fell NT$1.20, or 6.5 percent, to NT$17.40. The computer maker said yesterday it will buy its distribution and services unit Acer Sertek Inc (宏科) for NT$11.9 billion (US$345 million) in shares and debt based on Acer's closing price of NT$18.60 yesterday. Acer Sertek fell NT$1.10, or 2.6 percent, to NT$41.90.
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
EYE ON STRAIT: The US spending bill ‘doubles security cooperation funding for Taiwan,’ while also seeking to counter the influence of China US President Joe Biden on Saturday signed into law a US$1.2 trillion spending package that includes US$300 million in foreign military financing to Taiwan, as well as funding for Taipei-Washington cooperative projects. The US Congress early on Saturday overwhelmingly passed the Further Consolidated Appropriations Act 2024 to avoid a partial shutdown and fund the government through September for a fiscal year that began six months ago. Under the package, the Defense Appropriations Act would provide a US$27 billion increase from the previous fiscal year to fund “critical national defense efforts, including countering the PRC [People’s Republic of China],” according to a summary
‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)