Taiwan's key stock index had its biggest gain in a month, led by Hua Nan Commercial Bank (
Hua Nan Bank's spokesman couldn't be reached for comment.
The TWSE Index surged 140.31, or 3.2 percent, to 4508.69, its biggest one-day gain in percentage terms since July 26.
Within the index, 431 stocks rose and 44 fell. Trade at NT$65.22 billion (US$1.89 billion) was 79 percent higher than yesterday's NT$36.46 billion.
"The only alternative for the big banks to improve their asset quality and increase their earnings is to set up a financial holding company and seek a foreign partner," said Nora Hou, a banking analyst at CLSA Global Emerging Markets in Taiwan.
Hua Nan Commercial Bank rose NT$1.10, or 6.6 percent, to NT$17.90 on speculation the bank may set up a financial holding company and get a foreign bank to invest in its business.
Other lenders also rose. China Development Industrial Bank (
First Commercial Bank (
Memory chipmakers slid after the spot price for their main product fell to less than a tenth of what it was a year ago, according to DRAM Exchange, a market place for memory chips.
The spot price for the 64-megabit DRAM chip is at US$0.77, down from about US$9 a year ago.
Mosel Vitelic Inc (
Winbond Electronics Corp (
Mobile phone makers rose on hopes demand for handsets will increase after Texas Instruments Inc said demand for its telecommunication semiconductor chips was rising.
Acer Communications & Multimedia Inc (
Cathay Life Insurance Ltd (
Taiwan's biggest life insurer began buying back 60 million shares, or 1.1 percent of its outstanding stock, at between NT$25 and NT$40 today. The buy back is scheduled to be complete on Oct. 10.
Silicon Integrated Systems Corp (矽統科技) rose NT$1.80, or 5.5 percent, to NT$34.70 after the chipset seller said in an e-mail to reporters that its Pentium 4 based chipset will be mass produced next month.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) rose NT$1.50, or 2.4 percent, to NT$64.50. The biggest made-to-order chipmaker's American depositary receipts rose US$0.63, or 5.1 percent, to US$12.88 yesterday.
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
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
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