Stocks declined yesterday, led by electronics companies such as Hon Hai Precision Industry (
"All the positive news has been reflected in their share prices," said Eddie Chiu, a fund manager at First Global Investment Trust (
"We're running out of fresh leads to support tech stocks," he said.
The TAIEX dropped 31.27, or 0.5 percent, to 5,834.24. The benchmark has surged 31 percent this year. The Taiwan Futures Index rose 0.2 percent to 5,898. Five stocks declined for every four that gained.
About 3.2 billion shares changed hands, 24 percent below the average daily trading in the past three months. Shares worth NT$77 billion traded, 19 percent below the three-month daily average.
Hon Hai, the nation's biggest electronics company by revenue, dropped 60 cents, or 4.1 percent, to NT$140. The shares have fallen 7.9 percent this week, paring gains this year to 40 percent.
Acer slid NT$2.10, or 4.3 percent, to NT$46.90. Its shares have surged 63 percent this year.
Chunghwa Picture Tubes (
China Development Financial Holding (中華開發金控) rose 50 cents, or 3.6 percent, to NT$14.35. The Ministry of Finance said the government will not interfere in the bank's board of directors' election next year.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
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