Taiwan stocks fell for a third day after a US government report showed jobless claims climbed to an almost five-month high, boosting concern a rebound in the island's second-biggest export market is faltering.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which shipped four-fifths of its made-to-order chips to US customers in the second quarter, led declines.
The TAIEX dropped 67.20, or 1.5 percent, to 4580.177. The benchmark rose for the first week in three, gaining 2.7 percent. More than 15 stocks fell for every four that rose within the index. The total value of trade was NT$49.21 billion (US$1.43 billion).
TSMC fell 3.6 percent to NT$48.10. Separately, Royal Philips Electronics NV, which along with its units owns about 30 percent of TSMC, yesterday reduced its forecast for chip sales this quarter.
"We're heading into the peak season for the electronics sector, but there are lots of question marks about where orders will come from after October," said Belinda Yu, who helps manage NT$8 billion in stocks at Jih Sun Securities Investment Trust Co (日盛投信). She said she has no plans to raise her stake in TSMC "because everyone's avoiding the semiconductor companies."
Nanya Technology Corp (南亞科技) fell NT$1.90, or 6.2 percent, to NT$28.60. Hynix Semiconductor Inc, Nanya Tech's rival high-speed memory chip maker, plans to boost production of the semiconductors, raising concern about an oversupply of chips, a Chinese-language newspaper reported.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales