Shares closed 1.58 percent lower yesterday after a fall on Wall Street and due to worries that weaker US consumer spending could hit Taiwanese export growth, dealers said.
The TAIEX fell 140.59 points to 8,764.82 after trading between 8,678.55 and 8,790.57 on turnover of NT$113.83 billion (US$3.52 billion)
Decliners outnumbered advancers 1,545 to 561, with 296 stocks unchanged.
For the week to Nov. 16, the weighted index closed down 206.10 points or 2.3 percent. It had fallen 3.26 percent a week earlier.
Average daily turnover stood at NT$128.83 billion, compared with NT$153.92 billion a week ago.
Tu Jin-lung (
"Asian markets reacted to the US woes, and the Taipei market was no exception," Tu said.
Political uncertainty had also unsettled investors, he said.
Taiwan's high court is set to rule on an appeal over a disputed mayoral election.
On the foreign exchange market, the New Taiwan dollar ended the day at NT$32.336 against the US dollar, down NT$0.038 from the previous close of NT$32.298. Turnover was US$957.5 million on the Taipei Forex Inc.
The yen will be a key focus for looking at the market's performance next week, said Daniel Liu of Ta Ching Securities (大慶證券).
"If the yen depreciates, it's good for stocks," he said, because funds would flow to the US and boost its markets, which would lift Asian markets.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
RSS