Share prices rose 0.57 percent yesterday as late bargain-hunting offset earlier falls driven by Wall Street's overnight decline amid continued concerns over high interest rates, dealers said.
Foreign investors have started building new positions after several days of selling, pushing the composite index sharply lower, they said.
The TAIEX closed up 40.12 points at 7,074.15, on turnover of NT$106.42 billion (US$3.33 billion). Risers led decliners 446 to 355.
"Investors were willing to hunt for bargains after a recent correction of more than 400 points [on the index]," said Johnny Lee, a manager with President Securities Co (統一證券).
The steel sector rallied on expectations of firmer product prices for the third quarter, Lee said, with some major Asian steelmakers set to unveil their products quotations next week.
The financial stocks gained strength after a report that Taiwan Fire Marine Insurance Co (台灣產險) had secured China's regulatory approval to set up a representative office in Shanghai.
"Such a report re-ignited hopes for further relaxation [of the regulations] for Taiwanese financial firms' presence on the mainland following recent stalled relations across the Taiwan Strait," Lee said.
Taiwan Fire Marine Insurance advanced NT$0.35 to NT$19.60.
AU Optronics Corp (
Both Cando, a unit of AU Optronics, and Allied Material said they had no immediate such plans.
Allied Material was limit-up NT$0.69 at NT$10.60.
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) investment project in Arizona has progressed better than expected, but it still faces challenges such as water and labor shortages, National Development Council (NDC) Minister Yeh Chun-hsien (葉俊顯) said yesterday. Speaking with reporters after visiting TSMC’s Arizona hub and attending the SelectUSA Investment Summit in Maryland last week, Yeh said TSMC’s Arizona site turned a profit of NT$16.14 billion (US$514 million) last year in its first full year of mass production. “TSMC told me it was surprised by the smooth trial run of the first fab, which has left the company optimistic about the project’s outlook,”
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