Stocks fell for the second day, paced by exporters such as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on concern the nation's economy probably grew at its slowest pace in a year and may slow further as SARS cools consumption in Asia.
The TAIEX fell 47.47, or 1.1 percent, to 4,283.77. About three stocks declined for every one that gained. For the week, the index gained 0.9 percent. The Taiwan Futures Index dropped 1.5 percent to 4,260.
TSMC fell NT$0.70, or 1.4 percent, to NT$48.80. Asustek Computer Inc (
First Financial Holding Co (第一金控) fell NT$0.20, or 1 percent, to NT$20.10.
First Financial plans to seek approval from government regulators next week for an overseas sale of as much as 1 billion new shares, said president Ray Dawn (董瑞彬).
First Financial's shareholders yesterday approved the sale, which represents more than a quarter of its total outstanding shares. It plans to use the proceeds to boost capital in First Commercial Bank (第一銀行) by NT$17.5 billion ($505 million) after the unit wrote off more than NT$70 billion of bad loans last year.
The lender is raising capital through a sale of global depositary receipts because "we have no other choice," chairman Jerome Chen (
Quanta Display Inc (廣輝電子) fell NT$0.35, or 3.2 percent, to NT$10.55.
Hon Hai Precision Industry Co (鴻海精密) will buy 49 percent of the NT$4.1 billion (US$118.3 million) in new shares of Quanta Display to enter the notebook personal computer business, a local newspaper reported, without giving its source of information.
MANAGING RISKS: Taiwan has secured LNG sufficient to cover 95 percent of electricity demand for next month, UBS said, describing the government’s approach as proactive UBS Group AG has raised its forecast for Taiwan’s economic growth this year to 8 percent, up from 6.9 percent previously, and said expansion could reach as high as 8.6 percent if external energy shocks are avoided. The upgrade reflects a stronger-than-expected first-quarter performance and sustained momentum in artificial intelligence (AI)-driven exports, which UBS said are providing a firm foundation for growth despite geopolitical and energy risks. Taiwan’s GDP expanded 13.69 percent year-on-year in the first quarter, the fastest growth since the second quarter of 1987, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported on Thursday. On a seasonally
The Fair Trade Commission’s (FTC) ongoing review of Grab Holdings Ltd’s US$600 million acquisition of Foodpanda Taiwan’s operations, announced on March 23, has taken on fresh urgency as industry experts warn that the transaction could embed significant Chinese cybersecurity vulnerabilities into Taiwan’s digital infrastructure through Grab’s deep ties to autonomous-driving firm WeRide (文遠知行). Less than 16 months after the FTC blocked Uber Eats’ direct attempt to acquire Foodpanda Taiwan — citing potential combined market shares of 80 to 90 percent — the emergence of Grab as the buyer has prompted questions about whether the same competitive harm is simply being rerouted
The list of Asian stocks that benefit from business partnership with Nvidia Corp is getting longer, as the region further integrates into the artificial intelligence (AI) chip giant’s business ecosystem. Just in the past week, South Korea’s LG Electronics Inc, Taiwan’s Nanya Technology Corp (南亞科技), as well as China’s Huizhou Desay SV Automotive Co (德賽西威) and Pateo Connect Technology Shanghai Corp (博泰車聯) have become the latest to rally on news of tie-ups, supply-chain participation or product collaboration with the US chip designer. Asian suppliers account for about 90 percent of Nvidia’s production costs, up from about 65 percent last year, data compiled
POWER BUILDUP: Powered by Nvidia’s B200 Blackwell chips, the data center would support MediaTek’s computing power demand and business growth, the company said Smartphone chip designer MediaTek Inc (聯發科) yesterday launched a new artificial intelligence (AI) data center with a maximum capacity of 45 megawatts to meet its rising demand for computing power required to develop new advanced chips for AI applications. The company has completed the first-phase computing power buildup at the data center in Miaoli County’s Tongluo Township (銅鑼), providing 15 megawatts of capacity to support its research and development (R&D) capabilities, despite an industrywide shortage of key components, MediaTek said. Supply constraints have plagued a wide range of key components, including memory chips, solid-state drives, power supply units and central
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