Taiwan's key stock index rose to its highest in almost three months after the central bank followed the US and cut interest rates, which may spur economic growth and demand for electronic products.
Via Technologies Inc, the island's largest chipset maker, also paced gains after it said January sales nearly doubled from a year ago.
The TWSE Index advanced 151.33, or 2.6 percent, to 6,049.26, its highest close since Nov. 10. It rose 3.4 percent in the week.
Within the index, 469 stocks rose and just 15 fell. The total value of trade was NT$165 billion (US$5 billion), more than double the year-to-date average of NT$75.8 billion.
The Central Bank of China cut the rediscount rate, charged to commercial lenders for 10-day loans, to 4.375 percent from 4.625 percent, the second reduction in just over a month.
"Just like the US the interest rate cut will help investor confidence," said James Liu, who manages NT$3 billion (US$93 million) in Taiwan equities at ING CHB Securities Investment & Trust Ltd. in Taipei. "We believe an interest rate cut is good for electronics. It will help confidence as inventories may fall and companies may make more purchases." Further boosting sentiment were expectations that Taiwan's Premier Chang Chun-hsiung (張俊雄) and President Chen Shui-bian (陳水扁) will accept parliament's demand to resume work on an incomplete nuclear power plant.
Chang met with Legislative Yuan President Wang Jin-pyng (
The following stocks made significant gains or losses.
Via Technologies Inc (
Banks advanced as an interest rate cut by the central bank may spur loan demand and income. "Buy Chinatrust and Taishin as major beneficiaries of lower interest rates," Credit Suisse First Boston analyst Sherry Lin wrote in a report to clients. "Sector restructuring is likely to take place this year. Sinopac's excellent franchise almost guarantees its alliance with other powerful financial institutions." China Development Industrial Bank (
Two Japanese virtual YouTubers (VTubers) were suspended by their employers on Sunday after mentioning Taiwan and showing the national flag during a livestream, stoking controversy that was inflamed further when it was discovered that their management company issued distinct apologies in Japanese and Mandarin. While reading YouTube analytics over livestream on Thursday and Friday last week, Hololive VTubers Kiryu Coco and Akai Haato named Taiwan as contributing a high percentage of viewers. Users on the Chinese video streaming platform Bilibili were quick to criticize the two and report their accounts, prompting Hololive’s parent company, Cover Corp, to suspend the streamers for three
NO SIGN OF WAR: Only if Taiwanese showed determination to defend the nation would others be willing to help in the event of a Chinese attack, the premier said Should China launch a war against Taiwan, the military would fight to the last standing person, Minister of National Defense Yen De-fa (嚴德發) said yesterday, adding that the nation has fully fleshed-out defense strategies. “Beijing has continued its acts of provocation against Taiwan, but there are currently no signs that it is ready to launch a full-scale war,” Yen said at the Legislative Yuan in Taipei. Asked how long Taiwan could withstand an attack from China, Premier Su Tseng-chang (蘇貞昌) said: “Taiwan will not fall.” Any belligerent force that initiates acts of war would pay a heavy price, and so too would Beijing,
MISTAKE: The Global Covenant of Mayors for Climate and Energy is not a UN body, and the government is committed to protecting the nation’s name, Joseph Wu said The Ministry of Foreign Affairs yesterday condemned the Global Covenant of Mayors for Climate and Energy for listing Taiwanese cities as belonging to China on its Web site, and asked that it correct the error. The organization was inaugurated in Brussels in 2016 as a global coalition of mayors committed to reducing greenhouse gas emissions. Six Taiwanese cities at the time joined the coalition as cities in “Taiwan,” the ministry said. However, officials from the Kaohsiung City Government — one of the organization’s members — last week noticed that the city was now listed on the organization’s Web site as a
MOTHERLAND? Taiwanese who take part in China’s National Day celebrations could be fined NT$100,000 to NT$500,000 if found to have contravened Taiwanese laws The Ministry of Culture yesterday cautioned China-based Taiwanese artists against breaching Taiwanese law by taking part in China’s National Day celebrations. The ministry issued the statement following media reports that Ouyang Nana (歐陽娜娜) is to sing a popular Chinese patriotic song titled My Motherland (我的祖國), and Angela Chang (張韶涵) is to sing Protect (守護) with Chinese entertainers at an event to mark China’s National Day on Thursday. The Mainland Affairs Council is investigating whether such behavior contravenes regulations in the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (臺灣地區與大陸地區人民關係條例), the ministry said. If the behavior involves matters