Stocks rose for the first day in six yesterday, led by United Micro-electronics Corp (UMC,
Shares also got a boost after the government scrapped a 12-year-old rule that limited investment by overseas funds in the stock market.
The TAIEX jumped 118.20, or 2.1 percent, to 5,699.86, ending a five-day, 2.5 percent drop. About six stocks gained for every one that fell.
The futures contract for October delivery added 1.6 percent to 5,720.
About 3.3 billion shares changed hands, or 25 percent below the average volume in the past three months. Shares worth NT$76.8 billion (US$2.3 billion) were traded.
Cathay United Bank (國泰銀行) hit its full-year profit forecast in just nine months, a Chinese-language newspaper reported yesterday.
Sales of UMC may have increased last month, while third-quarter sales probably rallied as much as 12 percent from the previous quarter, the paper reported.
"Preliminary signs show we can expect more good scorecards entering into the earnings season this month,"said Phil Chen, a fund manager at Grand Cathay Securities Investment Trust Co (大華投信).
Cathay Financial rose NT$0.60, or 1.4 percent, to NT$44.50.
UMC rose NT$1.50, or 5.4 percent, to NT$29.20.
Yuanta Core Pacific Securities Co (元大京華證券) surged NT$1.10, or 6 percent, to NT$19.50. The nation's largest brokerage surpassed its net income target for this year of NT$3.8 billion (US$112.5 million) with just nine months of income reported, a local newspaper said.
VIA Technologies Inc (威盛電子) gained NT$1, or 1.9 percent, to NT$53.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
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