Taiwan's electronic makers such as Hon Hai Precision Industry Ltd (
Leaving the broad market mixed, Via Technologies Inc (
The TWSE Index fell 16.17, or 0.4 percent, to 4368.38. Within the index, 199 stocks fell and 221 rose. Trade at NT$36.4 billion (US$1.05 billion) was half the average daily volume this year of NT$72.67 billion.
"Technology demand may take a longer time to recover," said Michele Cavagna, a portfolio manager at Gestielle Asset Management who manages a US$50 million global technology fund in Milan.
"Buying stocks now you can't expect to make a reasonable amount of money in two to three months." Electronic makers fell on concern demand for their computer and telecommunication parts isn't going to pick up soon as inventory for some products remains high, while companies are cutting costs and spending less on technology.
Hon Hai Precision, which makes everything in a computer except chips, fell NT$5, or 3.2 percent, to NT$152. Acer Communications & Multimedia Inc (
Via Technologies rose NT$2, or 1.1 percent, to NT$182. The second-biggest chipset seller's shares had fallen 13 percent in two days.
Some government-controlled banks fell after Fitch IBCA, Duff & Phelps lowered its ratings yesterday on First Commercial Bank (
The Taiwan Stock Exchange's Banking and Insurance Index rose 3.5 percent yesterday, its biggest one-day gain in percentage terms since August 13.
First Commercial Bank, the biggest listed lender by assets, was unchanged at NT$17.30, after falling as much as 1.2 percent. Hua Nan Commercial Bank (
China Steel Corp (
Chunghwa Telecom Ltd (中華電信) fell US$0.50, or 1.2 percent, to NT$42.10 on concern business conditions aren't improving, causing more companies to cut back on their telecommunication spending. About 52 percent of companies surveyed said they see no improvement in business conditions in July, up 2 percentage points from June, a survey by the Council for Economic Planning and Development shows.
Ritek Corp (
Net income in the three months to June fell to NT$754 million (US$22 million) from NT$2.2 billion in the year-ago period, company spokesman Echo Yu said. That's lower than the NT$976 million average estimate of three analysts surveyed.
NO-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2