Citigroup Inc, the world's largest financial services company, recommended investors buy shares in South Korea and Taiwan as stock prices already reflect concerns that efforts to slow economic growth in China may reduce exporters' overseas sales.
South Korea's Kospi index, which had its biggest weekly drop in a year last week, may rise to 1,025 this year, 18 percent higher than yesterday's close, analyst Daniel Yoo said in a research report.
Citigroup favors telecommunication firms and banks because of cheaper valuations and higher corporate profits at companies that derive most of their earnings domestically, Yoo said.
Any further declines in the TAIEX, which had its worst week in five last week, present an "opportunity to accumulate in advance of a likely final rally in late second quarter or early third quarter" as export demand will remain strong and interest rate concerns are "overblown," analyst Kent W.B. Chan said in the report.
China ordered banks to stop lending to some industries, halted the construction of a US$1.3 billion steel mill and raised the amount of money companies must put up for steel, cement, aluminum and real estate projects.
China was South Korea's largest export market last year and is the biggest destination for Taiwan's goods.
The Morgan Stanley Capital International Asia-Pacific Index last week shed 4.3 percent, the biggest drop since the five days to Oct. 24.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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