TAIEX closes up
Shares closed 0.41 percent higher yesterday as fund managers spruced up portfolios ahead of year's end, with expectations of increased foreign capital inflows providing support, dealers said.
However, volume was light because of the holiday.
The TAIEX rose 31.53 points at 7,652.47, on turnover of NT$86.97 billion (US$2.68 billion). Risers led decliners 595 to 535, while 199 stocks were unchanged.
For the week to yesterday, the weighted index closed up 113.65 points or 1.51 percent after a 1.28 percent fall a week earlier.
Average daily turnover stood at NT$104.78 billion, compared with NT$108.43 billion a week ago.
The Taiwan stock market will remain open on Monday but trade is expected to be sluggish as most overseas bourses will be closed on Christmas Day.
Bonds planned for first quarter
The government plans to issue bonds of a maximum of NT$115 billion (US$3.5 billion) in the first quarter of next year, according to a press statement released by the Ministry of Finance yesterday.
Next month, five-year bonds worth NT$40 billion will be issued. Twenty-year bonds worth between NT$30 billion and NT$35 billion will be sold in February. In March, the government will issue 10-year bonds of NT$40 billion.
Tsai Ching-nain (蔡慶年), director general of the finance ministry's National Treasury Agency, said earlier that the government plans to issue bonds worth a total of NT$360 billion next year, with some of this dedicated to debt management.
China investment increases
The government approved US$6.4 billion in China-bound investment in the first 11 months of this year, marking a 13.8 percent growth year-on-year, according to tallies released yesterday by the Ministry of Economic Affairs (MOEA).
A total of 983 China-bound investment projects were approved during the 11-month period, the MOEA statistics showed.
Last month alone, the MOEA's Investment Commission approved 104 China-bound investment projects worth US$510.97 million.
With China-bound investment getting bigger in scale, Vice Economic Affairs Minister Shih Yen-hsiang (施顏祥) said the amount would continue to increase.
If two companies -- ProMOS Technologies Inc (茂德) and Advanced Semiconductor Engineering Inc (ASE, 日月光) -- whose China-bound investment projects have received initial government approval, can finalize paperwork in time, Shih said the total amount of this year's China-bound investments would break the US$6.94 billion single-year record set in 2004.
ProMOS has applied to relocate a wafer plant to China while ASE intends to take over China's Global Advanced Packaging Technology.
Land Bank granted HK license
The Hong Kong Monetary Author-ity yesterday announced that it had granted a banking license to the Land Bank of Taiwan (土地銀行) on Thursday. The third-largest bank in Taiwan, the Land Bank is owned fully by the Taiwanese government. It ranked 174th among world banks in terms of assets, according to a July survey by the Banker Magazine. It has maintained a representative office in Hong Kong since 1999. The license allows the bank to offer consumer banking services, including operating current and savings accounts and accepting deposits of any size and maturity from customers.
NT dollar down
The New Taiwan dollar traded lower against its US counterpart yesterday, declining NT$0.012 to close at NT$32.565 on the Taipei Forex Inc.
Turnover was US$663 million.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘POSITIVE EFFECT’: Phison this year began shipping SSDs to Japan’s largest pachinko maker, which uses the components in its machines featuring high-resolution graphics Phison Electronics Corp (群聯電子), a designer of NAND flash memory controllers and modules, yesterday reported that revenue last quarter grew 11 percent from a year earlier on the back of new orders from Japan’s largest pachinko maker. Revenue last quarter expanded to NT$10.86 billion (US$366.82 million) from NT$9.79 billion a year earlier, Phison said. However, on a quarterly basis, revenue slumped 15.62 percent from NT$12.87 billion, it said. The Miaoli-based company said that it is benefiting from growing demand for solid-state drives (SSDs) used in devices beyond computers, which is stimulating growth for the NAND flash memory industry. Pachinko machines are one