TAIEX closes 0.43% higher
Boosted by strong buying in construction shares, the TAIEX closed up 0.43 percent yesterday, recovering slightly from losses in the previous two days, dealers said.
The TAIEX rose 33.17 points to 7,722.91, after moving between 7,702.59 and 7,722.91, on turnover of NT$92.1 billion (US$2.88 billion).
The market opened up 12.85 points, with investors more reluctant to continue to dump shares as the market found technical support after two days of correction, dealers said.
A total of 1,780 stocks closed down and 1,683 finished higher, while 333 remained unchanged. Foreign investors, including Chinese investors, were net sellers of NT$5.93 billion of shares.
See China as a client: strategist
Kaohsiung should shelve political concerns when doing business with China in the Economic Cooperation Framework Agreement (ECFA) era and treat China like any other business client, Japanese business strategist Kenichi Ohmae said yesterday during a speech in Kaohsiung City.
Ohmae, a renowned forecaster of economic trends, said the risk of an economic bubble in China and the signing of the ECFA would boost Chinese investment in Taiwan in the near future.
Kaohsiung must grab this opportunity and prioritize economic development over political ideology, Ohmae said of the Democratic Progressive Party stronghold.
LCD makers cut production
Taiwanese LCD makers have cut production of panels on weak demand.
Chimei Innolux Display Corp (奇美電子), Taiwan’s largest LCD maker, has “adjusted downward” factory output, Loreta Chen (陳靜燕), a spokeswoman of the Miaoli-based company said by telephone yesterday. Chunghwa Picture Tubes Ltd (中華映管) also cut production for its large-size panels, a company official said by telephone yesterday.
Goldsun loan goes through
Goldsun Development & Construction Co’s (國產建設) cement unit got a US$100 million loan for capital expenditure, data compiled by Bloomberg showed.
The seven-year loan pays a fee of 75 basis points more than the London interbank offered rate and was arranged by Chang Hwa Commercial Bank (彰化銀行) and Land Bank of Taiwan (土地銀行), the data showed.
iPhone 4G orders rush in
Taiwan’s three major telecom operators yesterday said their combined pre-order applications for the iPhone 4G totaled more than 100,000 as of yesterday, though the exact numbers have to be further verified to identify those applied to more than one operator.
As opposed to Far EasTone Telecommunications Co (遠傳電信), which has already accepted pre-orders, Chunghwa Telecom Co (中華電信) and Taiwan Mobile Co (台灣大哥大) only started taking pre-orders yesterday with in-shop registering and Internet bookings.
Both Chunghwa Telecom and Taiwan Mobile said their pre-order portals jammed shortly after they began accepting online orders at 10am.
However, not everyone will be happy, since the operators said they are not sure how many handsets they will receive from Apple Inc. Subscribers will receive the phone on a first-registered-first-served basis.
NT up against greenback
The New Taiwan dollar rose against the US dollar yesterday, gaining NT$0.007 to close at NT$32.030.
Turnover totaled US$755 million during the trading session.
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
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
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
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