Thu, Sep 01, 2022 page11

• Taiwan Business Quick Take

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  EQUITIES

  Electronics boost TAIEX

  The TAIEX yesterday rose to close above 15,000 points, as the electronics sector recouped early losses, helping the broader market climb out of the doldrums. However, turnover remained thin as investors remained cautious amid lingering concerns over possible volatility among tech stocks in the US, which might be affected by US Federal Reserve interest rate hikes. The TAIEX closed up 141.81 points, or 0.95 percent, at the day’s high of 15,095.44. The electronics sector gained 1.19 percent, the biotech sector rose 1.9 percent, the transportation sector advanced 0.69 percent and the financial sector was up 0.8 percent. Turnover totaled NT$207.894 billion (US$6.83 billion), with foreign institutional investors buying a net NT$2.74 billion of shares on the main board after selling a net NT$18.47 billion on Tuesday, Taiwan Stock Exchange data showed.

  MANUFACTURING

  Growth remains slow in July

  Taiwan’s manufacturing sector continued to record sluggish growth in July, as rising inflation worldwide and worries over the US’ and China’s economies have dented the confidence of many manufacturers, the Taiwan Institute of Economic Research (台灣經濟研究院) said yesterday. The composite index, which measures the fundamentals of the manufacturing sector, fell from 12.18 points from a month earlier to 11.88 in July, registering “yellow-blue,” indicating sluggish growth, the institute said. It was the fifth consecutive month that the manufacturing sector has been yellow-blue. Of the composite index’s five gauges, the sub-indices on demand, pricing and the general business climate declined by 0.58, 0.3, and 0.02 points respectively, while the sub-indices on purchases of raw materials and costs rose by 0.48 and 0.12 points respectively, the institute said.

  SEMICONDUCTORS

  South Korea shipments drop

  South Korean chipmakers recorded their first decline in factory shipments in almost three years in July, highlighting weakening demand for semiconductors, which serve as a barometer for the global economy. Semiconductor shipments tumbled 22.7 percent from a year earlier, after having risen 5.1 percent in June, the South Korean National Statistical Office said in a statement yesterday. Nationwide inventories remained elevated in July, up 80 percent from a year earlier and unchanged from a month earlier. Chip production slowed in July for a fourth straight month, suggesting that key producers such as Samsung Electronics Co and SK Hynix Inc are adjusting output to reflect cooling demand and mounting stockpiles.

  EQUITIES

  Asia-Pacific IPOs buck trend

  In a year where initial public offerings (IPOs) have slumped by more than two-thirds globally, the summer break might be expected to be especially quiet. Not so in Asia, where stock listings have notched their second-highest August haul on record. First-time share sales in the Asia-Pacific region totaled US$14.9 billion this month, data compiled by Bloomberg showed. The robust showing is almost entirely down to issuers from China and Hong Kong, which accounted for all but two of the IPOs, raising at least US$100 million, the data showed. The world’s largest travel retailer, China Tourism Group Duty Free Corp (中國旅遊集團中免), topped the list with its US$2.1 billion Hong Kong listing, followed by the two Chinese IPOs of Shanghai United Imaging Healthcare Co (上海聯影醫療科技) and Hygon Information Technology Co (海光信息技術).

  Staff writer, with agencies
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