TAIEX drops slightly
Share prices dropped slightly yesterday, as many foreign investors were off on vacation, but some technology stocks gained ground. The TAIEX fell 9.99 points, or 0.2 percent, to 6,222.05, on turnover of NT$80.48 billion (US$2.52 billion).
Traders attributed the index's overall minor decline to weak non-technology stocks, but support for market leader Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) limited the downturn. Plastics makers' shares lost a total of 1.9 percent, with Formosa Plastics Corp (台塑) dropping 0.5 percent to NT$49.95.
TSMC reversed its early morning losses and closed 0.4 percent higher at NT$54.60 yesterday.
United Microelectronics Corp (UMC, 聯電) rose 0.4 percent to NT$23.20. UMC has been buying back its shares for some time, traders said, and that helped push its stock up.
TSMC registers for share offer
TSMC registered to offer as much as US$1.5 billion of US depositary shares on behalf of shareholders.
The US depositary share offer, which was first announced on May 10, allows shareholders to sell their stakes in TSMC for a premium compared with if they sold the common shares traded in Taipei.
The offering is subject to regulatory approval in the US and Taiwan, and is expected to be completed this year, TSMC said in an e-mailed statement yesterday.
NT dollar gains ground
The New Taiwan dollar rose against its US counterpart yesterday, adding NT$0.105 to close at NT$31.935 on the Taipei foreign exchange market. Turnover was US$867 million.
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