Taiwan stocks fell for the first day in five, led by Cathay Life Insurance Co (國泰人壽), as the nation's largest insurer reported a third-quarter loss after a 26 percent tumble in the stock market slashed the value of its equity investments.
"Lots of companies are reporting bad results, but most are within expectations," said Jeremy Chang, who manages NT$840 million (US$24.3 million) in stocks at Cathay Securities Investment Trust (
The TWSE Index fell 149.49, or 3.7 percent, to 3915.61 in its biggest one-day decline since Oct. 2. Within the index, 393 stocks fell and 68 rose. The total value of trade was NT$48.8 billion (US$1.4 billion), 5 percent more than the six-month daily average of NT$46.3 billion.
Cathay Life Insurance fell NT$1.80, or 4.3 percent, to NT$40.30 after Taiwan's largest insurer said its third-quarter loss widened to NT$9 billion as falling stock prices slashed the value of its investments.
Chipmakers fell on concern growth in the biggest economies may take longer than predicted to recover, crimping a revival in chip demand. The Philadelphia Semiconductor Index, an index tracking 16 companies involved in the design and production of chips, fell 7 percent yesterday.
Taiwan Semiconductor Man-ufacturing Co (TSMC, 台積電), the biggest made-to-order chipmaker, fell NT$4.50, or 6.7 percent, to NT$62.50. TSMC's American depositary receipts fell 4.2 percent to NT$13.31.
United Microelectronics Corp (UMC, 聯電) fell NT$2.20, or the maximum-permitted 7 percent, to NT$29.30. After the market closed, UMC said it posted a third-quarter loss of NT$4 billion, in line with expectations, compared with a NT$14.6 billion profit a year ago. Yesterday, its American depositary receipts fell 2.6 percent to US$5.90.
Companies that make up the Formosa Group (台塑集團), Taiwan's biggest industrial company, dropped after they reported a slump in third- quarter earnings. Taiwan Ratings Corp (中華信評) said support for "financially weaker subsidiaries" may erode Formosa Plastics' and Nan Ya Plastics Corp's (南亞塑膠) earnings this year.
Formosa Plastics (台塑), the group's flagship company whose third-quarter profit fell by almost half to NT$2.4 billion, dropped US$0.90, or 3.1 percent, to NT$28.40. Nan Ya Plastics, a unit of the group whose third-quarter profit fell 72 percent to NT$1.9 billion, shed US$0.70, or 3.6 percent, to NT$18.70. Formosa Chemicals & Fibre Corp (台灣化纖) lost US$0.50, or 2.5 percent, to NT$19.50. Nanya Technology Corp (南亞科技), which is half owned by Nan Ya Plastics and posted a NT$3.8 billion loss in the third quarter, fell US$0.65, or 6.5 percent, to NT$9.30.
Chunghwa Telecom Co (
Mitac International Corp (神達電腦) rose US$0.40, or 3.5 percent, to NT$11.95. Third-quarter profit fell 89 percent to NT$68.3 million. Mitac received an order from Dell Computer Corp. for PCs the biggest computer maker plans to sell for US$599. Powerchip Semiconductor Corp (
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College