The TAIEX yesterday bounced back to close 0.89 percent higher at 14,464.53 points, after news that former Japanese prime minister Shinzo Abe had been shot at a political campaign event sent the market tumbling in intraday trading, Taiwan Stock Exchange (TWSE) data showed.
The TAIEX joined other Asian stocks falling in afternoon trading after Abe’s assassination erased gains made earlier yesterday, the exchanges’ data showed.
Japan’s benchmark Nikkei 225 closed up 0.1 percent, Hong Kong’s Hang Seng Index closed up 0.38 percent, South Korea’s KOSPI rose 0.7 percent and Singapore’s Straits Times Index edged up 0.06 percent, while the Shanghai Composite Index shed 0.25 percent, the data showed.
Photo: Chien Li-chung, Taipei Times
Turnover on the TAIEX was NT$257.3 billion (US$8.64 billion), as foreign institutional investors sold a net NT$3.93 billion of local shares, the third-largest this week, TWSE data showed.
Despite the TAIEX’s earlier retreat, contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電) ended the day 2.08 percent higher at NT$467 on turnover of NT$18.25 billion, making it the heaviest traded stock yesterday, TWSE data showed.
Evergreen Marine Corp (長榮海運) followed with NT$16.23 billion in transactions. The shipper’s share price rose 4.86 percent to NT$92.7, supported by a record-high revenue of NT$60 billion last month, the data showed.
SinoPac Securities Investment Service Corp (永豐投顧) said in a research note that it expects the TAIEX to rebound gradually after tumbling 18 percent over the past five months.
Citing historical trends, the investment consultancy said there was little likelihood — about 10 percent — that the TAIEX would enter a bear market, or a fall of 20 percent from a recent peak.
“US and world inflation is the main factor affecting global stock markets. The market’s takeaway from the US’ latest inflation figure, which is to be released on Wednesday next week, will be crucial,” SinoPac Securities Investment said in the research note.
Foreign institutional investors have been net sellers for five consecutive weeks, but the amount of their net selling narrowed this week, PGIM Securities Investment Trust Enterprise Co (PGIM, 保德信投信) said in a note.
Local institutional investors have a higher confidence in the local market than foreign investors, PGIM said, citing their net purchases of local shares for three weeks in a row.
They bought a net NT$10.3 billion of local shares this week, the second highest in a single week this year, it said.
GlaxoSmithKline (GSK) in July made its consumer health products division a separate entity as it transforms into a world-leading biopharmaceutical company. By uniting science, technology and talent, the company is aiming to prevent and treat diseases with innovative vaccines, specialty pharmaceuticals and general medicines. GSK’s headquarters annually invests NT$192 billion (US$6.07 billion) in research and development, focusing on immune science and advanced technologies in human genetics. GSK’s drug and vaccine development focuses on infectious diseases, HIV, oncology and immunology. Investing in clinical trial research each year, GSK also brings drug development to Taiwan. It cooperates with 17 medical institutes and research
SLUMPING DEMAND: Inventory has climbed by up to 12 weeks as suppliers are under mounting pressure to offload excessive reserves, a TrendForce report said The price of DRAM chips is expected to fall at a steeper rate of 13 to 18 percent next quarter, as high inflation continues to weigh on demand for consumer electronics, causing chip inventories to soar, market researcher TrendForce Corp (集邦科技) said yesterday. The downtrend in DRAM prices could extend from a quarterly decline of 10 to 15 percent in the third quarter, the Taipei-based researcher said. “Demand for consumer electronics continued to stagnate during the third quarter, which used to be a high demand season,” TrendForce said in a statement. “During the quarter, memorychip consumption and shipments both showed quarterly
INEXPENSIVE POWER: Group chairman Gautam Adani said 70% of the investment would go into energy transition, with a focus on green hydrogen India’s Adani Group is to invest more than US$100 billion over the next decade, most of it in the energy transition business, chairman Gautam Adani said yesterday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan. After founding the group in 1988 as a commodities trading business, the 60-year-old has ventured into multiple sectors, mainly in the infrastructure space and in line with the priorities of the government of Indian Prime Minister Narendra Modi. “As a group, we will invest over US$100 billion of capital in the next decade,” Adani, the world’s second-richest person, told the Forbes Global CEO Conference in
Foxconn Technology Group (富士康科技集團) is to invest US$1.75 million in a joint venture with PT Indika Energy Tbk to explore commercial electric vehicle (EV) and electric battery business opportunities in Indonesia, the Taipei-based company said yesterday. With the investment, Foxconn would hold a 40 percent stake in the joint venture, PT Foxconn Indika Motor, while PT Indika would own 60 percent. The collaboration is an extension of a memorandum of understanding signed in January by Indika Energy, Foxconn, Gogoro Inc (睿能創意) and others aiming to build an electric vehicle supply chain in Southeast Asia’s biggest economy. Gogoro, in which Foxconn owns a 0.76