Taiwan's key stock index had its biggest gain in a month, led by Hua Nan Commercial Bank (
Hua Nan Bank's spokesman couldn't be reached for comment.
The TWSE Index surged 140.31, or 3.2 percent, to 4508.69, its biggest one-day gain in percentage terms since July 26.
Within the index, 431 stocks rose and 44 fell. Trade at NT$65.22 billion (US$1.89 billion) was 79 percent higher than yesterday's NT$36.46 billion.
"The only alternative for the big banks to improve their asset quality and increase their earnings is to set up a financial holding company and seek a foreign partner," said Nora Hou, a banking analyst at CLSA Global Emerging Markets in Taiwan.
Hua Nan Commercial Bank rose NT$1.10, or 6.6 percent, to NT$17.90 on speculation the bank may set up a financial holding company and get a foreign bank to invest in its business.
Other lenders also rose. China Development Industrial Bank (
First Commercial Bank (
Memory chipmakers slid after the spot price for their main product fell to less than a tenth of what it was a year ago, according to DRAM Exchange, a market place for memory chips.
The spot price for the 64-megabit DRAM chip is at US$0.77, down from about US$9 a year ago.
Mosel Vitelic Inc (
Winbond Electronics Corp (
Mobile phone makers rose on hopes demand for handsets will increase after Texas Instruments Inc said demand for its telecommunication semiconductor chips was rising.
Acer Communications & Multimedia Inc (
Cathay Life Insurance Ltd (
Taiwan's biggest life insurer began buying back 60 million shares, or 1.1 percent of its outstanding stock, at between NT$25 and NT$40 today. The buy back is scheduled to be complete on Oct. 10.
Silicon Integrated Systems Corp (矽統科技) rose NT$1.80, or 5.5 percent, to NT$34.70 after the chipset seller said in an e-mail to reporters that its Pentium 4 based chipset will be mass produced next month.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) rose NT$1.50, or 2.4 percent, to NT$64.50. The biggest made-to-order chipmaker's American depositary receipts rose US$0.63, or 5.1 percent, to US$12.88 yesterday.
LONG FLIGHT: The jets would be flown by US pilots, with Taiwanese copilots in the two-seat F-16D variant to help familiarize them with the aircraft, the source said The US is expected to fly 10 Lockheed Martin F-16C/D Block 70/72 jets to Taiwan over the coming months to fulfill a long-awaited order of 66 aircraft, a defense official said yesterday. Word that the first batch of the jets would be delivered soon was welcome news to Taiwan, which has become concerned about delays in the delivery of US arms amid rising military tensions with China. Speaking on condition of anonymity, the official said the initial tranche of the nation’s F-16s are rolling off assembly lines in the US and would be flown under their own power to Taiwan by way
OBJECTS AT SEA: Satellites with synthetic-aperture radar could aid in the detection of small Chinese boats attempting to illegally enter Taiwan, the space agency head said Taiwan aims to send the nation’s first low Earth orbit (LEO) satellite into space in 2027, while the first Formosat-8 and Formosat-9 spacecraft are to be launched in October and 2028 respectively, the National Science and Technology Council said yesterday. The council laid out its space development plan in a report reviewed by members of the legislature’s Education and Culture Committee. Six LEO satellites would be produced in the initial phase, with the first one, the B5G-1A, scheduled to be launched in 2027, the council said in the report. Regarding the second satellite, the B5G-1B, the government plans to work with private contractors
‘NARWHAL’: The indigenous submarine completed its harbor acceptance test recently and is now under heavy guard as it undergoes tests in open waters, a source said The Hai Kun (海鯤), the nation’s first indigenous defense submarine, yesterday began sea trials, sailing out of the Port of Kaohsiung, a military source said. Also known as the “Narwhal,” the vessel departed from CSBC Corp, Taiwan’s (台灣國際造船) shipyard at about 8am, where it had been docked. More than 10 technicians and military personnel were on deck, with several others standing atop the sail. After recently completing its harbor acceptance test, the vessel has started a series of sea-based trials, including tests of its propulsion and navigational systems, while partially surfaced, the source said. The Hai Kun underwent tests in the port from
MISSION: The Indo-Pacific region is ‘the priority theater,’ where the task of deterrence extends across the entire region, including Taiwan, the US Pacific Fleet commander said The US Navy’s “mission of deterrence” in the Indo-Pacific theater applies to Taiwan, Pacific Fleet Commander Admiral Stephen Koehler told the South China Sea Conference on Tuesday. The conference, organized by the Center for Strategic and International Studies (CSIS), is an international platform for senior officials and experts from countries with security interests in the region. “The Pacific Fleet’s mission is to deter aggression across the Western Pacific, together with our allies and partners, and to prevail in combat if necessary, Koehler said in the event’s keynote speech. “That mission of deterrence applies regionwide — including the South China Sea and Taiwan,” he
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