Taiwan stocks fell, led by banks and insurers, as investors deemed the group's 13 percent gain last week already reflects the benefits of a proposed 50 percent reduction in the capital gains tax on property sales.
Cathay Life Insurance Co (
The TWSE Index shed 54.67, or 1.2 percent, to 4454.77, after falling as much as 1.4 percent. Three stocks fell for every one that rose. The total value of trade was NT$41.24 billion (US$1.19 billion), 43 percent less than this year's daily average of NT$72.25 billion.
"The market will consolidate at around 4,300 to 4,500 in the next few weeks," said Cheng Yi-sheng, who helps manage NT$1.5 billion (US$43 million) in investments at Taiwan Securities Co (
"The market won't experience a sharp correction as the first-half poor financial data is reflected in share prices."
Banks and insurers fell after the relative strength measure of the TWSE Bank and Insurance Index, derived by averaging out daily gains and daily losses over 14 days, rose to 72 on Friday. A value over 70 indicates the index is poised to fall. The TWSE Bank and Insurance Index fell 1.5 percent today.
Cathay Life Insurance fell NT$0.70, or 1.7 percent, to NT$40.40. China Development Industrial Bank (
Eva Airways Corp (長榮航空) fell NT$0.95, or 6.9 percent, to NT$12.80 after the island's second-biggest airline said Friday it expects to make a NT$3.35 billion loss this year because of slowing business conditions.
Hon Hai Precision Industry Ltd (鴻海精密) fell NT$9, or 6.7 percent, to NT$124.50 on concerns the company's third-quarter margins will shrink further as it faces competition from other makers. Angela Soh, an analyst at ING Barings (Hong Kong) Ltd. cut her recommendation on the stock to "hold" from "buy" and said the shares could fall to NT$100. Hon Hai's shares have dropped 21 percent since August 27.
Silicon Integrated Systems Ltd (
Via Technologies Inc (
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
RESTAURANT POISONING? Deputy Minister of Health and Welfare Victor Wang at a press conference last night said this was the first time bongkrekic acid was detected in Taiwan An autopsy discovered bongkrekic acid in a specimen collected from a person who died from food poisoning after dining at the Malaysian restaurant chain Polam Kopitiam, the Ministry of Health and Welfare said at a news conference last night. It was the first time bongkrekic acid was detected in Taiwan, Deputy Minister of Health and Welfare Victor Wang (王必勝) said. The testing conducted by forensic specialists at National Taiwan University was facilitated after a hospital voluntarily offered standard samples it had in stock that are required to test for bongkrekic acid, he said. Wang told the news conference that testing would continue despite
‘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)