EQUITIES
TAIEX follows US markets
The TAIEX closed higher yesterday on the back of buying spurred by Friday’s gains on US markets, which rose following better-than-expected jobs data for last month. The bellwether electronics sector led yesterday’s upturn on the main board, while buying was also seen among non-tech stocks, in particular in the electric engineering industry, giving additional support to the broader market. However, with the TAIEX exceeding 15,700 points, some investors shifted to the sell side to lock in earlier gains, while large-cap semiconductor stocks continued to move above their previous closing levels, helping the main board sustain its upturn by the end of the session. The TAIEX closed up 73.50 points, or 0.47 percent, at 15,699.57. Turnover on the main board totaled NT$214.79 billion (US$6.99 billion), with foreign institutional investors buying a net NT$5.89 billion of shares, Taiwan Stock Exchange data showed.
EQUITIES
Foreigners net sellers
Foreign institutional investors last week sold a net NT$9.33 billion of local shares after selling a net NT$38.13 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. The top three shares sold by foreign investors last week were Yang Ming Marine Transport Corp (陽明海運), Evergreen Marine Corp (長榮海運) and Winbond Electronics Corp (華邦電子), while the top three bought were Hon Hai Precision Industry Co (鴻海精密), China Development Financial Holding Corp (中華開發金控) and Ta Ya Electric Wire & Cable Co (大亞電線電纜), the exchange said. As of Friday, foreign investors had bought NT$161.71 billion of local shares since the beginning of this year, while the market capitalization of shares held by foreign investors was NT$19.54 trillion, or 39.86 percent of total market capitalization, it said.
FINANCE
Jko founder to keep reins
Jko Group (街口集團) founder Kevin Hu (胡亦嘉) yesterday said he would not relinquish control of Jko Fintech Co (街口金融科技), after food and beverage maker Taisun Enterprise Co (泰山企業) last week offered to buy a 40.4 percent stake in the subsidiary for NT$3.6 billion. Hu said Taisun would secure two director seats on Jko Fintech’s five-member board if the deal obtains regulatory approval, while Jko Group would hold the remaining three seats. Hu said the company would use the funds to raise the working capital of its electronic payment business and for expansion. Taisun’s majority shareholder, Long Bon International Co (龍邦), which has been pushing for a board reshuffle since last year, questioned the company’s decision on Saturday to invest in Jko Fintech. Hu said his company has no intention to get involved in Taisun’s management disputes.
COMPONENTS
Yageo revenue little changed
Yageo Corp (國巨), the world’s third-largest supplier of multilayer ceramic capacitors, yesterday said revenue reached NT$9.01 billion last month, little changed from March, attributable to continuing inventory adjustments on the supply chain. On an annual basis, revenue contracted 11.2 percent from NT$10.15 billion. During the first four months of this year, revenue dropped 12.8 percent to NT$35.11 billion from NT$10.27 billion a year ealier, the company said in a statement.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
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