EQUITIES
Chip stocks push TAIEX up
The TAIEX yesterday rose sharply on gains by large-cap semiconductor stocks, which mirrored a 1.41 percent overnight increase in the Philadelphia Semiconductor Index. While non-tech stocks were mixed, high liquidity led to strong rotational buying of select old-economy stocks, in particular in the shipping industry, lending additional support to the broader market, dealers said. The TAIEX ended up 157.77 points, or 0.92 percent, at the day’s high of 17,371.29. Turnover totaled NT$433.107 billion (US$15.66 billion), with foreign institutional investors buying a net NT$14.29 billion in shares, Taiwan Stock Exchange data showed.
EQUITIES
Foreign investors drop out
Foreign investors last week bought a net NT$170 million of local shares after they bought a net NT$7.02 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. The top three shares bought by foreign investors last week were Chang Hwa Commercial Bank (彰化銀行), ASE Technology Holding Co (日月光投控) and Macronix International Co (旺宏電子), while the top three sold were Innolux Corp (群創), AU Optronics Corp (友達光電) and China Airlines Ltd (中華航空), the exchange said.
SOLAR ENERGY
Giga Solar plans share sale
Solar paste maker Giga Solar Materials Corp (碩禾電子) yesterday said its board has approved the sale of 10 million shares to a strategic investor through a private placement at NT$124.4 per share. The firm said in a regulatory filing that it aims to raise NT$1.24 billion and plans to use the funds to develop materials for electric vehicle batteries. Hon Hai Precision Industry Co (鴻海精密) plans to buy 8 million shares through its subsidiary, Hyield Venture Capital Co (鴻揚創投).
APPAREL
Makalot’s profit up 17.69%
Apparel manufacturer Makalot Industrial Co (聚陽) yesterday reported a pre-tax profit of NT$129.89 million for last month, up 17.69 percent year-on-year from NT$110.37 million, but down 48.46 percent month-on-month from NT$252 million. In the first five months of this year, pre-tax profit surged 54.09 percent year-on-year to NT$1.21 billion, Makalot said in a regulatory filing. That translated into pre-tax earnings of NT$5.24 per share, up from NT$3.57 a year earlier.
AUTO PARTS
Tong Yang’s profit spikes
Automotive components supplier Tong Yang Industry Co (東陽實業) yesterday reported NT$10.71 million in pre-tax profit for last month, despite foreign exchange losses of NT$25.91 million. Last month’s figure was up 609 percent from a year earlier. The firm attributed the growth to increasing demand from US and European clients after economies reopened from COVID-19 lockdowns. During the first five months, pre-tax profit rose 29 percent annually to NT$354 million. Excluding the impact of foreign exchange, pre-tax profit would have risen 51 percent annually, Tong Yang said.
AIRLINES
CAL to add California flights
China Airlines Ltd (CAL, 中華航空) would add two more round-trip flights to California next month and in August amid growing demand. The carrier said flight CI024 would fly from Taiwan Taoyuan International Airport to Ontario International Airport in San Bernardino on July 13 and 27, and on Aug. 10 and 24. The return flights would leave California on July 15 and 29, and on Aug. 12 and 26, it said.
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
CUSTOMERS’ BURDEN: TSMC already has operations in the US and is a foundry, so any tariff increase would mostly affect US customers, not the company, the minister said Taiwanese manufacturers are “not afraid” of US tariffs, but are concerned about being affected more heavily than regional economic competitors Japan and South Korea, Minister of Economic Affairs J.W. Kuo (郭智輝) said. “Taiwan has many advantages that other countries do not have, the most notable of which is its semiconductor ecosystem,” Kuo said. The US “must rely on Taiwan” to boost its microchip manufacturing capacities, Kuo said in an interview ahead of his one-year anniversary in office tomorrow. Taiwan has submitted a position paper under Section 232 of the US Trade Expansion Act to explain the “complementary relationship” between Taiwan and the US
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