Several Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) executives bought shares in the chipmaker last month amid heavy selling by foreign institutional investors, Taiwan Stock Exchange data released on Sunday showed.
The data showed that the executives bought 28,000 TSMC shares, after the stock plunged 5.03 percent last month amid concerns over a possible interest rate hike in the US and a Russian invasion of Ukraine.
At the time, foreign institutional investors were dumping TSMC stock, recording a net sale of 516 million shares over 18 consecutive sessions from Feb. 18 to Wednesday last week, the data showed.
Photo: Cheng I-hwa, Bloomberg
The sell-off stopped after the local main board soared more than 500 points on Tuesday last week and a rally on US markets, it showed.
The biggest buyer among the TSMC executives was vice president and chief information officer of corporate information technology Chris Lin (林宏達), the data showed.
Lin purchased 10,000 TSMC shares at an estimated cost of NT$6.32 million (US$221,856), based on the stock’s average closing price of NT$632 last month, the data showed.
Other major buyers included TSMC vice president of integrated interconnect and packaging K.C. Hsu (徐國晉), who bought 6,000 shares.
TSMC research and development vice presidents L.C. Lu (魯立忠) and Geoffrey Yeap (葉主輝) purchased 5,000 shares each, while vice president of quality and reliability He Jun (何軍) bought 1,000 shares, exchange data showed.
Cliff Hou (侯永清), TSMC senior vice president of Europe and Asia sales and corporate research under the research and development department, bought 785 company shares last month; and Jonathan Lee (李俊賢), vice president of corporate planning organization, purchased 314 shares, it showed.
In the first two months of the year, TSMC’s consolidated sales totaled NT$319.11 billion, up 36.79 percent from a year earlier on robust global demand for emerging technologies.
The company is highly likely to meet its first-quarter estimate of US$16.6 billion to US$17.2 billion, which would be a 7.4 percent quarterly increase, analysts said.
TSMC has forecast annual sales growth of 25 to 29 percent for the year in US dollar terms, on the back of growing demand for chips for high performance computing, automotive electronics, Internet of Things applications and smartphones.
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