Taiwan's stocks rose to the highest close in seven years as overseas investors poured more money into the nation's shares.
"Except for Japan, most Asian markets refused to bow to Wall Street today," SinoPac Securities Corp's (永豐金證券) assistant vice president Alvin Teng (鄧可欣) said, referring to heavy losses on Friday in New York after disappointing results.
The considerable gains posted by mainland Chinese markets were especially significant after Friday's interest rate hike announcement, he said.
"China continues to boast a very strong economy and is now channelling funds to places like Hong Kong," he said. "So long as China and Hong Kong continue to lead the way, the regional equity upswing is set to remain a convincing story."
The TAIEX index climbed 35.67 points, or 0.4 percent, to close at 9,621.57, its highest since April 2000. About three stocks advanced for every two that fell. Futures due in August added 4 points to 9,549.
Overseas investors bought net NT$10.5 billion (US$321.35 million) worth of Taiwanese stocks, according to the Taiwan Stock Exchange.
"Taiwan stocks are being fueled by waves of funds as investors chase Taiwanese companies that offer growth potential," said Ashley Kang, who helps manage US$1.5 billion at IBT Asset Management Co (台灣工銀投信).
Equity funds earmarked to invest in Taiwan received $175.1 million between July 12 and July 18, the second highest new foreign money inflow in Asia, Citigroup Inc wrote in a report, citing EPFR Global figures. UBS AG last week raised its 12-month estimate for the Taiex to 12,000 from 10,000, citing improving corporate earnings.
International Business Machines Corp. (IBM), the world's biggest computer-services company, last week posted second-quarter sales that beat analysts estimates and raised its earnings forecast for this year. Taiwanese electronic-related makers, which account for more than half of the TAIEX's weighting, make products for clients such as Apple Inc and IBM.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
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