EQUITIES
Foreign selling spikes
Foreign investors last week sold a net NT$83.02 billion (US$2.86 billion) of local shares after selling a net NT$7.2 billion a week earlier, the Taiwan Stock Exchange said in a statement yesterday. As of Friday, foreign investors had sold NT$552.81 billion of local shares from the beginning of the year, it said. Last week, the top three shares foreign investors sold were United Microelectronics Corp (聯電), Innolux Corp (群創) and Taiwan Semiconductor Manufacturing Co (台積電), while the top three shares they bought were CTBC Financial Holding Co (中信金控), EVA Airways Corp (長榮航空) and China Development Financial Holding Corp (中華開發金控), the exchange said. As of Friday, the market capitalization of shares held by foreign investors was NT$21.97 trillion, or 41 percent of total market capitalization, it said.
COMPUTERS
Ennoconn hits record sales
Industrial computer maker Ennoconn Corp (樺漢科技) yesterday reported that sales for last month were a record for March, bringing cumulative sales in the first quarter to a record high, despite headwinds such as the Russia-Ukraine war and raw material shortages. Consolidated revenue increased 41.4 percent month-on-month and 15.7 percent year-on-year to NT$9.56 billion, the company said in a statement. First-quarter revenue was up 20 percent annually to NT$24.22 billion. Ennoconn said the growth was across the board for its three major business units: with the design and manufacturing segment contributing 18.2 percent to the company’s total revenue, systems integration 40 percent and brand business 41 percent, it said.
E-COMMERCE
Momo sales rise 23.3%
E-commerce operator Momo.com Inc (富邦媒體) yesterday reported consolidated revenue of NT$7.53 billion for last month, up 23.3 percent from a year earlier and hitting a record for March. The online shopping business, which has benefited from a changing consumer pattern amid the COVID-19 pandemic, saw sales increase 25.5 percent on the back of robust demand for health and leisure products, cosmetics and household goods, the company said in a statement. In addition, sales of scooters and motorbikes surged during the back-to-school season, it said. Online shopping contributed 94.8 percent to last month’s total revenue, the company said. First-quarter revenue totaled NT$22.94 billion, up 24.9 percent from a year earlier and the second-highest quarterly revenue on record, it said.
ELECTRONICS
Hon Hai ups EV investment
Hon Hai Precision Industry Co (鴻海精密) has poured more funds into an electric vehicle (EV) subsidiary, as it continues to explore business opportunities in this market. In a regulatory filing on Friday, Hon Hai said it has invested an additional US$39 million in Foxconn EV Technology Inc, taking about a 17 percent stake in the subsidiary. The new investments would allow Hon Hai to control a 100 percent stake in Foxconn EV Technology, which has served as a major investor, signing an agreement with Ohio-based pickup maker Lordstown Motors Corp to develop the Endurance electric pickup model. Separately, Hon Hai said its Longhua production site in Shenzhen in China’s Guangdong Province has obtained UL 2799 “Gold Level Certification” for its “Zero Waste to Landfill” efforts, making the complex “the world’s first comprehensive eco-park.”
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
JET JUICE: The war on Iran’s secondary effects have seen fuel prices skyrocket, knocking flight schedules down to earth in return as airlines struggle with costs Airline passengers should brace for more irritation in the next few months as carriers worldwide cancel flights and ground planes to cope with stratospheric increases in jet-fuel prices. Dutch flag carrier KLM is the latest company to cut its schedule, saying on Thursday that it would scrap 80 return flights at Amsterdam’s Schiphol Airport in the coming month. That puts it in the same league as United Airlines Holdings Inc, Deutsche Lufthansa AG and Cathay Pacific Airways Ltd, which have all pruned itineraries to mitigate costs. Global capacity for next month has been reduced by about 3 percentage points, with all
Micron Technology Inc is a driving force pushing the US Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to people familiar with the matter. A US House of Representatives panel yesterday was to vote on the “MATCH Act,” a bill designed to close gaps in restrictions on chipmaking equipment. It would also pressure foreign companies that sell equipment to Chinese chipmaking facilities to align with export curbs on US companies like Lam Research Corp and Applied Materials Inc. The bill targets facilities operated by China’s ChangXin Memory Technologies Inc
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