Shares ended sharply higher for a fifth straight session yesterday, boosted by Wall Street's strength and a pullback in oil prices.
The TAIEX closed up 152.42 points, or 2.7 percent, at 5813.39, an eight-week high. The index's previous high was 5836.91 on July 1.
Advancers well outnumbered decliners 667 to 87 with 131 stocks unchanged. Turnover rose to NT$118.84 billion (US$3.5 billion).
On the foreign exchange market, the New Taiwan dollar fell NT$0.007 to close at NT$34.075 against the US dollar with a turnover of US$730 million.
Local financial markets had been closed the past two days for Typhoon Aere. Cement stocks were up on expectations that rebuilding in areas hit by the typhoon will spur demand for construction materials. Taiwan Cement Corp (
Powerchip Semiconductor Corp (力晶半導體), Taiwan's largest DRAM chipmaker, rose by the 7 percent daily limit to NT$25, and peer Nanya Technology Corp (南亞科技) jumped 6.9 percent to NT$26.40, following a local newspaper report that spot prices for DRAM chips are expected to rise due to the typhoon.
"There were signs foreign institutional investors actively bought local tech heavyweights during the session," said Hsiuli Lee of Franklin Templeton First Taiwan.
Taiwan Semiconductor Manu-facturing Co (
Taiwan’s technology protection rules prohibits Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) from producing 2-nanometer chips abroad, so the company must keep its most cutting-edge technology at home, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the remarks in response to concerns that TSMC might be forced to produce advanced 2-nanometer chips at its fabs in Arizona ahead of schedule after former US president Donald Trump was re-elected as the next US president on Tuesday. “Since Taiwan has related regulations to protect its own technologies, TSMC cannot produce 2-nanometer chips overseas currently,” Kuo said at a meeting of the legislature’s
GEOPOLITICAL ISSUES? The economics ministry said that political factors should not affect supply chains linking global satellite firms and Taiwanese manufacturers Elon Musk’s Space Exploration Technologies Corp (SpaceX) asked Taiwanese suppliers to transfer manufacturing out of Taiwan, leading to some relocating portions of their supply chain, according to sources employed by and close to the equipment makers and corporate documents. A source at a company that is one of the numerous subcontractors that provide components for SpaceX’s Starlink satellite Internet products said that SpaceX asked their manufacturers to produce outside of Taiwan because of geopolitical risks, pushing at least one to move production to Vietnam. A second source who collaborates with Taiwanese satellite component makers in the nation said that suppliers were directly
Top Taiwanese officials yesterday moved to ease concern about the potential fallout of Donald Trump’s return to the White House, making a case that the technology restrictions promised by the former US president against China would outweigh the risks to the island. The prospect of Trump’s victory in this week’s election is a worry for Taipei given the Republican nominee in the past cast doubt over the US commitment to defend it from Beijing. But other policies championed by Trump toward China hold some appeal for Taiwan. National Development Council Minister Paul Liu (劉鏡清) described the proposed technology curbs as potentially having
EXPORT CONTROLS: US lawmakers have grown more concerned that the US Department of Commerce might not be aggressively enforcing its chip restrictions The US on Friday said it imposed a US$500,000 penalty on New York-based GlobalFoundries Inc, the world’s third-largest contract chipmaker, for shipping chips without authorization to an affiliate of blacklisted Chinese chipmaker Semiconductor Manufacturing International Corp (SMIC, 中芯). The US Department of Commerce in a statement said GlobalFoundries sent 74 shipments worth US$17.1 million to SJ Semiconductor Corp (盛合晶微半導體), an affiliate of SMIC, without seeking a license. Both SMIC and SJ Semiconductor were added to the department’s trade restriction Entity List in 2020 over SMIC’s alleged ties to the Chinese military-industrial complex. SMIC has denied wrongdoing. Exports to firms on the list