Taiwan stocks advanced, lead by Hua Nan Financial Holdings Co (華南金控), after the owner of the nation's fifth-largest lender by assets yesterday forecast earnings growth in the next five years as its bank unit writes off bad loans.
"Unlike electronics stocks, no more unexpected news will come out of the financial sector," said Jeremy Chang, who manages NT$840 million (US$25 million) in shares at Cathay Securities Investment Trust (國泰投信). "For the next month or so, I'm moving funds out of electronics and into financials." The TAIEX climbed 112.96, or 2 percent, to 5736.19 as about five stocks rose for each one that fell. The total value of trade was NT$94.3 billion, more than a fifth below the six-month daily average of NT$121.8 billion.
Since the index fell to its 52-week low on Oct. 3, it's surged 87 percent to its highest this year on April 22 on optimism a US economic recovery would boost overseas orders for computers, handsets and semiconductors. The TAIEX has fallen 11 percent since then on signs the recovery may fall short of expectations.
Hua Nan Financial Holdings rose NT$1.70, or 6.8 percent, to NT$26.70 after forecasting a return to profit next year after writing off NT$52.4 billion of bad loans this year. Earnings per share will rise by more than two-thirds over the next five years, it said.
The following stocks made significant gains or losses: Avision Inc (
China Airlines (
Premier Yu Shyi-kun said the government would accelerate the sale of the airline after Saturday's crash of one of its planes.
China Bills Finance Corp (
Sampo Corp (
Taiwan Glass Industrial Corp (
United World Chinese Commercial Bank (
CTB Financial Holding Co (
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
RSS