TAIEX edges up 0.12 percent
Share prices closed higher yesterday, with the TAIEX moving up 9.14 points, or 0.12 percent, to close at 7,436.1.
The local bourse opened at 7,451.17 and fluctuated between a high of 7,479.28 and a low of 7,383.68. Market turnover totaled NT$80.46 billion (US$2.5 billion).
Of the eight major stock categories, five gained ground. Construction led advancers, rising 1.9 percent, followed by pulp and paper, which climbed 0.6 percent.
Cement, plastics and financials all gained 0.5 percent.
Textiles remained unchanged, while food. machinery and electronics lost 0.2 percent.
Foreign investors and Chinese qualified domestic institutional investors (QDIIs) sold a net NT$1.52 billion in shares, the third consecutive day in which they sold more than they bought. For the week, they were net sellers of NT$11.52 billion in shares.
Taiwan-China trade surges
Bilateral trade between Taiwan and China last month jumped 143.4 percent from a year ago to US$12.4 billion, the Ministry of Economic Affairs said yesterday.
Taiwanese exports to its largest trading partner last month reached US$9.5 billion, up 157.5 percent, with electric machinery, optical products and plastic wares the three major export items, a statement on the ministry’s Web site said.
Meanwhile, Chinese exports to Taiwan rose 14.8 percent to US$2.9 billion. The top three items were electric machinery, machine tools and optical instruments, the statement read.
Fubon Life to buy CAL bonds
Fubon Life Insurance Co (富邦人壽) plans to buy NT$1.5 billion (US$) in corporate bonds issued by China Airlines Ltd (華航) via private placement, parent company Fubon Financial Holding Co (富邦金控) said in a filing to the Taiwan Stock Exchange yesterday.
Morgan Stanley plan rejected
Global financial services provider Morgan Stanley has put on hold a plan to open a bank in Taiwan because of resistance from the government, which is focused on controlling risks in the wake of the global financial crisis, a local newspaper said.
The Financial Supervisory Commission has rejected Morgan Stanley’s inquiry to operate a bank in Taiwan, the Chinese-language United Daily News quoted an anonymous commission official as saying on Wednesday.
Taiwanese rules state that qualified foreign banks must have global capital or assets that rank among the world’s top 500, among other requirements, the official said.
Morgan Stanley, which set up a branch in Taiwan in 1982, transformed itself from an investment bank to a bank holding company only last year, the official said, leaving it short of the requirements.
The report added that risk control has topped the commission’s main focus following the global financial meltdown, which restricts commercial banks from engaging in high-risk or highly complex financial products.
NT dollar advances
The New Taiwan dollar climbed 0.1 percent to close at NT$32.085 against the greenback yesterday, snapping a two-day loss as exporters converted overseas earnings to settle month-end bills.
The currency appreciated for the week after a government report yesterday showed export orders, indicative of shipments in the next one to three months, rose at a record pace last month.
“Exporters are selling US dollars before the end of the month,” said Henry Lin, a currency trader at Taiwan Shin Kong Commercial Bank (新光銀行) in Taipei. “Risk aversion has eased.”
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
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