Stocks surged to its highest in two months on optimism a possible interest rate cut in the US will spur a recovery in the world's biggest economy, boosting demand for the nation's exports. The chipmaking behemoth Taiwan Semiconductor Manufacturing Co (TSMC,
"A rate cut will help the US economy and stocks are reflecting that ahead of the expected announcement," said Julian Chen, who manages NT$800 million (US$23 million) in stocks at National Investment Trust Co. "The worst is over, and the market is reflecting the future."
The TAIEX climbed 159.24, or 3.5 percent, to close at 4,725.34, the highest since Aug. 30. Almost 25 stocks rose for every two that fell. The total value of trade was NT$117.2 billion.
TSMC advanced NT$3.30, or 6.9 percent, to NT$51. The world's largest supplier of made-to-order chips sold more than three-quarters of its chips to US customers in the third quarter.
Action Electronics Co (憶聲電子) rose NT$2.10, or 4.5 percent, to NT$49.30. The maker of flat-panel display televisions raised its 2002 profit forecast by 40 percent to NT$636.3 million.
AU Optronics Corp (
Hua Nan Financial Holdings Co (華南金控), Taiwan's seventh-largest financial company by market value, rose NT$0.40, or 1.9 percent, to NT$21 on optimism the central bank will cut interest rates, helping companies meet their debt obligations. The central bank matched the US Federal Reserve's 11 rate cuts last year.
Novatek Microelectronics Corp (聯詠科技) climbed NT$5, or 6.8 percent, to NT$79. The designer of chips used to run flat-panel displays reported October sales surged 63.44 percent from a year earlier to NT$664.1 million. In October 2001, the company reported NT$404,328, compared with an October 2002 figure of NT$664,117.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS