Stocks fell yesterday. China Steel Corp (中鋼) dropped on a report a state-run labor retirement fund plans to sell 80 million of its shares, or 0.9 percent of the company.
The retirement fund will start selling China Steel shares today, the company said in a statement to the exchange.
The TAIEX fell 109.34, or 2 percent, to 5,342.46. About six stocks declined for every one that gained. August futures on the benchmark fell 2.2 percent to 5,355.
About 4.6 billion shares changed hands, 6 percent above the average trading in the past three months. The value of trading was NT$103.4 billion, 13 percent above the three-month daily average.
The index has rallied 29 percent in the past three months, since reaching a six-month low in April.
"An increasing number of investors are selling stocks into the current rally," said Simon Chao (趙永宏), who manages US$17 million at President Investment Trust Corp (統一投信).
"Some disappointing profit reports are making investors more keen to cut their holdings," he said.
China Steel fell NT$1.70, or 6.5 percent, to NT$24.30.
Macronix International Co (旺宏), the nation's largest maker of memory chips for electronic games, fell NT$0.55, or 6.1 percent, to NT$8.45. The company reported after the market closed Monday a loss of NT$3 billion (US$87 million) in the three months ended June 30, its seventh straight unprofitable quarter. The second-quarter loss narrowed from NT$4.5 billion the same quarter a year earlier because of better cost controls, the company said.
Cathay Financial Holding Co (國泰金控) fell NT$2.90, or 6.8 percent, to NT$39.80 after a Chinese-language newspaper reported that it will offer a 5 percent discount on as much as US$1 billion of shares it's selling to overseas investors.
Taiwan Semiconductor Manufacturing Co (台積電), the world's No. 1 supplier of made-to-order semiconductors, closed down NT$1.00 at NT$57. Its 1.64 billion new shares are due to start trading tomorrow.
United Microelectronics Corp (聯電) fell NT$0.10, or 0.4 percent, to NT$24.90, ahead of its second quarter earnings report due today. The company is scheduled to make available 665.90 million new shares for trading on Aug. 8.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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