Stocks ended higher yesterday as traders hunted for bargains after the index ended lower for two consecutive sessions, analysts said. The TAIEX finished 52.31 points higher, or 0.9 percent, at 6,024.07 in dealings valued at a moderate NT$62 billion (US$1.96 billion).
"The market's rise reflects a rebound from recent selling," said Johnson Chang, an analyst at SinoPac Securities (建華證券).
Taiwan's main index lost 0.7 percent on Thursday and 0.2 percent on Wednesday. The performance of regional stocks yesterday and a rise of US stocks overnight also boosted the bourse, Chang said.
Construction and transportation stocks performed the best, although they were the worst performers previously. Transportation shares rose 2.6 percent overall, boosted by a scheduled increase in shipping fees and a downtick in oil prices.
Evergreen Marine Corp (長榮海運) rose 3.5 percent to NT$31.05, while its smaller rival Yang Ming Marine Transport Corp (陽明海運) ended 3.2 percent higher at NT$31.85. Construction shares ended up 1.4 percent. Huaku Construction Co (華固建設) rose 3.3 percent, nearly recovering a 3.5 percent loss from Thursday.
Shares in Taiwanese handset makers gained on growing optimism that multinational clients will likely increase their outsourcing to Taiwanese suppliers.
Arima Communications Corp (華冠通訊), whose clients include Sony Ericsson Mobile Communications Ltd, soared by the 7 percent daily maximum to NT$29.95, and Compal Communications Inc (華寶通訊), which counts Motorola Inc among its largest clients, finished 1 percent higher at NT$84.90.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors