Pessimism drives TAIEX lower
Taiwan stocks fell, led by Hon Hai Precision Industry Co (鴻海精密), as some investors doubted the sustainability of the company's record profit.
TAIEX fell 35.69, or 0.7 percent, to 4764.94. The index fell 4.1 percent in the week, its biggest such decline since the five days to July 26. Two stocks fell for every one that rose.
Hon Hai shares fell NT$2, or 1.5 percent, to NT$130. Net income at Taiwan's largest computer-parts maker rose 78 percent in the second quarter to NT$4.1 billion (US$120 million) from NT$2.3 billion a year ago.
TSMC awaits government OK
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) Chairman Morris Chang (張忠謀) said Friday that the TSMC will not move to invest in China before getting approval from the government.
Responding to reports that construction work for a TSMC plant in Sungjiang, Shanghai, began recently, Chang reaffirmed that the timing of the setting up of the plant will depend on market developments and that the company will not move before it gets government approval.
Acer profit soars
Taiwan's leading computer maker Acer Inc (宏電) said Friday its first half net profit jumped more than fivefold, boosted by the disposal of long-term investments and strong overseas demand.
Acer's net profit was NT$4.49 billion (US$131.3 million) in the six months to June compared to NT$816.57 million a year earlier, it said in a statement.
The surge came largely from the disposal of long-term investments in the first quarter and strong overseas demand in the second quarter, an Acer official said.
Sales of Acer personal computers in the three months to June grew 15 percent year-on-year on strong demand in Europe, America, Asia and China despite it being a traditionally weak season, the company said.
Its subsidiary Acer America turned to the red from May 2002 and profitability from Acer's operations in Europe and the Asia remained stable while its losses in Latin America narrowed, it said.
However, the company's sales in the first half of the year plummeted 42.7 percent year-on-year to 20.64 NT$billion, it said. Acer forecast 2002 parent net profit at NT$10.6 billion on sales of NT$52.2 billion.
No block by Beijing
Minister of Finance Lee Yung-san (李庸三) denied Friday that the Beijing government is blocking Taiwan banking institutions from applying for permission to establish representative offices on the mainland.
Lee said Beijing is not rejecting Taiwan banks applications, but noting that related process work has indeed slowed down because of new readjustment in mainland's overall personnel structure, which is still proceeding.
The ministry has so far approved eight Taiwan banks to proceed to the mainland for the opening of representative offices. Of the total, Chang Hwa Bank (彰化銀行) and United World Chinese Commercial Bank (世華銀行) have received permission from the mainland authority.
Fourteen other insurance firms from Taiwan have also been given a green light sign by the ministry to branch out to China Among them, only five received the nod by the Chinese authority.
NT dollar slips
The New Taiwan dollar yesterday fell against its US counterpart as overseas investors sell Taiwanese stocks. The unit slid NT$0.054 to close at NT$34.247 on the Taipei foreign exchange market.
The turnover was US$325 million, down from the previous day's US$361 million.
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