Shares close higher
Share prices closed 0.36 percent higher yesterday on the back of Wall Street's overnight gains and apparent government support of the local market ahead of tomorrow's legislative polls, dealers said.
The TAIEX closed up 21.46 points at 5,913.97, on turnover of NT$63.81 billion (US$1.98 billion). Gainers led decliners 356 to 278, with 203 stocks unchanged.
The market has been under pressure from concerns that President Chen Shui-bian's (陳水扁) pro-independence party could win its first ever legislative majority tomorrow, raising the risk of further heated exchanges with Beijing.
Against that backdrop, dealers said the government was supporting financials, old-economy stocks and select electronics companies yesterday to prevent any sharp drop in the market.
Chunghwa Telecom posts profits
Chunghwa Telecom Co (中華電信) said profit for the first 11 months of this year totaled NT$47.7 billion (US$1.5 billion).
Earnings per share was NT$4.90 for the 11 months. Last month's sales slipped 0.5 percent from a year earlier to NT$15 billion. Sales fell from NT$15.1 billion in October.
NT dollar falls
The New Taiwan dollar fell after investors abroad yesterday were net sellers of stocks by the most in a week. Overseas fund managers took out a net NT$7.1 billion (US$220 million) of the nation's shares, according to stock exchange figures.
The NT dollar slid NT$0.075, or 0.2 percent, to NT$32.335 against its US counterpart, the weakest close since Nov. 24.
Turnover was US$771 million.
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
CUSTOMERS’ BURDEN: TSMC already has operations in the US and is a foundry, so any tariff increase would mostly affect US customers, not the company, the minister said Taiwanese manufacturers are “not afraid” of US tariffs, but are concerned about being affected more heavily than regional economic competitors Japan and South Korea, Minister of Economic Affairs J.W. Kuo (郭智輝) said. “Taiwan has many advantages that other countries do not have, the most notable of which is its semiconductor ecosystem,” Kuo said. The US “must rely on Taiwan” to boost its microchip manufacturing capacities, Kuo said in an interview ahead of his one-year anniversary in office tomorrow. Taiwan has submitted a position paper under Section 232 of the US Trade Expansion Act to explain the “complementary relationship” between Taiwan and the US
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