Foreign inflows increase
Foreign institutional investors in Taiwan last month registered a net fund inflow of US$3.32 billion, increasing from the previous month, government statistics showed. Data released on Friday by the Financial Supervisory Commission showed that last month’s net inflow beat January’s figure of US$2.65 billion and was the highest monthly inflow since June last year, when it reached US$4.05 billion. Riding a wave of high liquidity, the TAIEX has risen 496.97 points, or 5.37 percent, since the beginning of this year. In the first two months of the year, foreign institutional investors bought a net NT$95.3 billion (US$3.07 billion) worth of shares on the local main bourse, the commission said.
THSRC included in index
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) has been included in the FTSE TWSE Taiwan Mid-Cap 100 Index after a quarterly review by the Taiwan Stock Exchange. The adjustment is to take effect on March 20, the exchange said. The company was listed on the main board on Oct. 27 last year, with a share price of NT$15.15.
Banks to offer Apple Pay
Seven banks in Taiwan have obtained the Financial Supervisory Commission’s approval to provide services offered by Apple Pay. The banks are Taipei Fubon Commercial Bank (台北富邦銀行), Cathay United Bank (國泰世華銀行), E.Sun Commercial Bank (玉山銀行), Taishin International Bank (台新銀行), CTBC Bank (中國信託銀行), First Commercial Bank (第一銀行) and Union Bank of Taiwan (聯邦銀行), the Banking Bureau said. It is still unknown when Apple Pay will be available in Taiwan, since it depends on Apple’s cooperation with the banks, it said.
RESTRUCTURING: Taichung and Taoyuan profited most from local firms moving back high-end manufacturing amid the US-China decoupling of trade ties, the ministry said The government’s “Invest in Taiwan” initiative might this year see NT$627.1 billion (US$21.7 billion) of investment pledges realized, with several firms raising stakes and two dropouts due to customer losses, Minister of Economic Affairs (MOEA) Wang Mei-hua (王美花) said yesterday. Wang made the statement at the monthly meeting of the Third Wednesday Club, a local trade group featuring the top 100 firms of each business sector. Since early last year, the government has launched three programs intended to help local companies grapple with US-China trade rows and the COVID-19 pandemic, mainly through moving production lines back to Taiwan. Thus far, the ministry
JOBS AT RISK? Most Cathay Dragon routes are to be operated by Cathay Pacific or a subsidiary, but it was unclear how Taiwanese workers would be affected Cathay Pacific Airways Ltd (國泰航空) yesterday said it is planning new flight services for Taiwan as it announced a corporate restructuring that included the shutdown of its regional subsidiary, Cathay Dragon (國泰港龍), and could lead to job cuts in Taiwan. Cathay Pacific said the shutdown means that the one round-trip service between Taichung and Hong Kong per day and seven round-trip services between Kaohsiung and Hong Kong operated by Cathay Dragon prior to the COVID-19 pandemic would be terminated. “The parent company is planning a new schedule between Taiwan and Hong Kong,” Cathay Pacific assistant manager for corporate communications Moses Hou (侯恩錫)
OVERHEATED MARKET?: The gauge would be designed to provide more reliable information than private-sector data, and help improve policymaking, the council said The National Development Council (NDC) is considering creating a business climate index on Taiwan’s property market, allowing policymakers to better monitor market movements and intervene if necessary, NDC Minister Kung Ming-hsin (龔明鑫) said yesterday. Kung made the remarks at a meeting of the legislature’s Economic Committee where lawmakers from across party lines voiced concerns about housing price hikes driven by capital repatriation. Kung said that the council is assessing the possibility of creating an index designed to provide more accountable and transparent information than data provided by private-sector market analysts, and could help improve policymaking. The council would compile a report on
STOCK MARKETS TAIEX closes slightly higher The TAIEX closed slightly higher yesterday as market sentiment remained cautious over the Nov. 3 US presidential election. Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was again the anchor stabilizing the broader market, preventing the main board from falling into negative territory at the end of the session, dealers said. The TAIEX closed up 14.88 points, or 0.12 percent, at 12,877.25, on turnover of NT$167.982 billion (US$5.81 billion). TSMC, the most heavily weighted stock on the local market, rose 0.44 percent after fluctuating between NT$451 and NT$456. The semiconductor subindex and the bellwether electronics sector