Taiwan stocks fell yesterday, with flat-panel-displays and computer monitors-makers such as Chung-hwa Picture Tubes Ltd (中華映管) pacing the drop on concern about falling product prices as inventory accumulates.
"Companies have been giving mostly cautious outlooks, and many are still firing staff and cutting costs," said Vincent Chen, who helps manage NT$1.2 billion (US$35 million) in Taiwanese equities at Union Securities Investment Trust Co (聯邦投信). "Fundamentally, there's selling pressure."
The TWSE Index fell 11.63, or 0.2 percent, to 5,789.84 as two stocks fell for every one that gained. For the week, the index shed 0.3 percent on concern a water shortage will hurt production and raise costs of maintaining sufficient water supplies at chipmakers and other heavy users of water.
Chen sold shares of Chunghwa Picture Thursday. Chunghwa Picture yesterday fell NT$1.5, or 4.8 percent, to NT$30.
Chinatrust Financial Holding Co (中國信託金控) rose NT$0.80, or 2.6 percent, to NT$31.2 from its listing price of NT$30.4. The holding company of delisted Chinatrust Commercial Bank (中國信託銀行), Taiwan's largest credit card issuer, may raise as much as US$600 million by selling bonds convertible into its shares to finance acquisitions.
Micro-Star International Co (微星) rose NT$7, or 5.4 percent, to NT$136, as investors said declines in computer-motherboard-makers were excessive as the slump in demand will probably bottom this month.
Micro-Star shares have fallen 17 percent in the past three months.
Mosel Vitelic Inc (茂矽) fell NT$0.55, or 3.9 percent, to NT$13.7. Taiwan's third-largest memory-chip maker said it's in "constant dialogue" with rival Hynix Semiconductor Inc of South Korea to acquire some of its assets.
Nanya Technology Corp (南亞科技) fell NT$2.1, or 6.5 percent, to NT$30.3 after the price of its main product dropped for the first day in four. The spot price for the benchmark PC133 16X8 128-megabit random access memory chip fell 0.9 percent to US$2.28, according to DrameXchange, a market place for memory chips.
United World Chinese Commercial Bank (世華銀行) fell NT$0.30, or 1.2 percent, to NT$24.7 on a report the government delayed a decision to let its potential acquirers raise their shareholding limits.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
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