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 closed up 0.39 percent and 0.19 percent respectively. Foreign institutional investors sold a net NT$599 million of Taiwanese shares on the main board yesterday, Taiwan Stock Exchange data showed.
Alltop approves reduction
Alltop Technology Co (凡甲科技), which supplies connectors for electronic devices and cables for servers, yesterday said that its board of directors approved a capital reduction scheme in which the company would cut 25 percent of its capitalization to NT$546.87 million and shareholders would be paid NT$2.5 per share. As the company sees no urgent need for capital for the time being, it expects that the reduction would increase shareholder returns and help it adjust its capital structure, it said. Shareholders are to vote on the scheme at the firm’s annual general meeting on Dec. 10, after which it would need regulatory approval, Alltop said in a filing. The plan should be completed by the first quarter of next year. Alltop reported cumulative revenue of NT$1.6 billion in the first three quarters of this year, up 13.6 percent from a year earlier.
ALi denies Wi-Fi report
Set-top box IC designer ALi Corp (揚智科技) yesterday denied an Economic Daily News report that it is setting up a Wi-Fi 6 team of 20 people with an aim to mass-produce and sell such products from June. ALi said that the report, which helped push its share price up by the daily limit in Taipei trading yesterday, closing at NT$27.2, was speculation among investors and local media. “This is misleading news and sheer fiction. ALi hereby solemnly denies it,” the firm said in a regulatory filing. The company reported cumulative revenue of NT$1.496 billion in the first nine months of this year, up 0.94 percent from a year earlier. In the first half of the year, the company incurred a net loss of NT$98.23 million, compared with a net loss of NT$195.93 million a year earlier.
Phison opens US lab
Flash memorychip controller supplier Phison Electronics Corp (群聯) yesterday said that it has opened an enterprise solid-state drive (SSD) engineering lab, and set up a systems integration and engineering group (SIE) in Colorado, with an aim to provide real-time technical support and product-related services for enterprise SSD customers and partners in the region. Making its inroad into the enterprise SSD market, Phison said that the SIE is the company’s first in the US. Phison expects the Colorado team, and the research and development lab, to increase their engineering staff numbers in the next few months to meet the increasing demand. The company did not provide specific figures for the US investment.
SUPPLY CHAIN RESHUFFLE: The chipmaker was ‘cautious’ in not making commitments too early in building production in the US, citing ‘geopolitical factors,’ Nikkei Asia said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is considering building an advanced IC packaging plant in the US following a massive investment to set up a wafer fab in Arizona, Nikkei Asia reported. TSMC was considering the plant in response to “Washington’s desire to bring more of the tech supply chain onto home turf,” the report said. TSMC increasingly faces the need to expand in the US, which accounts for about 62 percent of its total sales, Nikkei Asia said, citing three sources who declined to be named. The potential US plant would be equipped with the latest 3D stacking technologies to arrange chips
MARKET BOOST: Elon Musk said Tesla would resume bitcoin transactions once there is ‘reasonable’ clean energy usage by miners and denied selling a big part of his holdings Bitcoin yesterday hit a two-week peak just shy of US$40,000, after another weekend reacting to tweets from Tesla Inc chief executive Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin, but might resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a US$1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric vehicle maker would not accept bitcoin due to concerns over how mining the currency requires high energy use and contributes to climate change. “When there’s confirmation of reasonable
China Steel Corp (中鋼), the nation’s biggest steelmaker, yesterday said that it would not be raising prices for some products next month, ending 12 consecutive months of increases. “There is a discrepancy between China Steel’s prices and international prices, but in consideration of price stability, we have decided not to adjust upward monthly-priced products,” the company said in a statement. That means the price of hot-rolled steel plates, hot-rolled steel coils, cold-rolled steel coils and other monthly-priced items would not change next month. However, the cost of other items priced seasonally would be going up, the company said, adding that prices of products
An announcement by ASE Technology Holding Co (ASE, 日月光投控) ordering its migrant workers to move from private rented accommodation to company dormitories is in line with Central Epidemic Command Center (CECC) regulations, the Ministry of Economic Affairs said on Saturday. The “temporary measures” adopted by the IC packaging and testing company “are in accordance with epidemic prevention requirements set by the CECC,” the ministry’s Industrial Development Bureau said in a statement. By stepping up regulation of worker accommodation, the company hopes to prevent more migrant workers contracting COVID-19, the statement said. The statement did not specify which CECC regulations the