Taiwan's key stock index closed below 4,000 for the first time in almost eight years on concern the terrorist attacks in the US will depress economic growth and demand from the world's biggest economy. Taiwan Semiconductor Manufacturing Co (TSMC,
The TAIEX slid 224.44, or 5.4 percent, to 3,952.49, its lowest level since Oct. 21, 1993. It was also the biggest percentage drop since Nov. 20 of last year. Within the index, 476 stocks fell and only 16 rose. The trading volume was NT$17.70 billion (US$513 million), the lowest since Dec. 21 of last year.
"It's highly likely that the Taiwanese market will weaken substantially perhaps by 10 percent to 15 percent as it's heavily dependant on US export demand to support a flagging domestic economy,'' said Roland Wee, who helps manage US$1.2 billion in Asian equities at ING Investment Management Asia.
Taiwan said Wednesday it will keep its current 7 percent limit on share movements unchanged and Finance Minister Yen Ching-chang (
Chipmakers slumped on concern their sales will be hurt because of delayed airfreight shipments after the terrorist attacks in New York and Washington.
TSMC, the largest contract chipmaker, fell NT$4, or 6.4 percent, to NT$59. United Microelectronics Corp (UMC, 聯電), the second-largest contract chipmaker, fell NT$2.60, or 6.8 percent, to NT$35.90.
Financial stocks fell on concern trading and settlement by financial institutions may be affected after the terrorist attacks closed New York's financial district for a second day and forced many banks to shift their main trading desks to Europe or Asia.
Cathay Life Insurance Ltd (國泰人壽) fell NT$1.20, or 3.1 percent, to NT$38.10. China Development Industrial Bank (中華開發工銀), the biggest lender by market value, fell NT$1.50, or 6.9 percent, to NT$20.40. Hua Nan Commercial Bank (華南銀行), the second-biggest listed lender by assets, fell NT$0.40, or 2.4 percent, to NT$16.60.
Computer makers slid on concern disruptions to US-bound flights may delay shipment of products as companies struggle with slowing demand. Worldwide personal computer shipments will decline more than forecast as sales are hurt after the worst terrorist attack in US history, IDC analyst Roger Kay said.
Acer Inc (
Compal Electronics Inc (
Quanta Computer Inc (廣達電腦), Taiwan's biggest notebook computer maker, fell NT$5, or 6.5 percent, to NT$72.
Yageo Corp (國巨), the largest maker of parts that control the flow of electricity in computer and mobile telephone circuits, fell NT$1.40, or 6.6 percent, to NT$19.90.
Memory chipmakers dropped as the spot price for their main product remains below the cost of production. The spot price for the 64Mb DRAM chip is at US$0.74, according to DRAM Exchange, a market place for memory chips. An inability to ship products because of canceled flights may also weigh on stocks over the coming days.
Winbond Electronics Corp (
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique