Taiwan stocks rose as chipmakers such as United Microelectronics Corp (UMC, 聯電) tracked gains in their US peers after the Philadelphia Semiconductor Index advanced for the first day in five.
TAIEX Index rose 162.27, or 3 percent, to 5562.23, its biggest percentage gain since March 11. Within the index, about five stocks rose for every one that fell. The total value of trade was NT$104.4 billion (US$3.1 billion), the highest since April 25, though still a tenth below the six-month daily average of NT$115.3 billion.
The TAIEX Electronics Index has fallen a fifth since April 22, compared with a 14 percent decline in the main index, on concern slowing computer and mobile-phone sales will damp demand for the semiconductors used to run them.
"We can't see a revival in demand, but semiconductor stocks are attractive at this price," said Bryan Chiang, who helps manage NT$1.8 billion (US$53 million) in stocks at Invesco Taiwan Ltd
(
UMC, whose US-traded shares rose 1.8 percent yesterday, added NT$1.9, or 4.6 percent, to NT$43.5. The world's second-largest made-to-order chipmaker also gained after it signed a five-year agreement to supply semiconductors to Micronas Semiconductor Holding AG, the largest Swiss computer-chip maker.
Asia Cement Corp (亞洲水泥) rose NT$0.05, or 0.4 percent, to NT$13.7. The nation's second-largest cement maker by market value said it plans to invest a further US$20 million in a cement-making plant in China.
Benq Corp (
China Motor Co (中華汽車) rose NT$1.80, or 5.4 percent, to NT$35.30. The company may raise its 2002 profit forecast on Wednesday, a Chinese-language newspaper reported. China Motor reported pretax profit of NT$2.78 billion in the first five months, almost reaching its 2002 target of NT$2.8 billion.
Far Eastern Textile Ltd (
Hua Nan Financial Holdings Co (
Nan Ya Plastic Corp (南亞塑膠) rose NT$0.4, or 1.2 percent, to NT$32.7. The unit of Formosa Plastics Group (台塑集團) plans to sell as many as 80 million shares of its Nanya Technology Corp (南亞科技) unit to overseas investors, raising as much as NT$2.7 billion.
Taichung Commercial Bank (
Taishin Financial Holdings Co (台新金控) rose NT$1.2, or 6.5 percent, to NT$19.6 after the company said its bank unit, Taiwan's second-largest credit card issuer, will sell NT$3.1 billion (US$91 million) of subordinated bonds to raise its capital-adequacy ratio.
Walsin Lihwa Corp (
UPDATED (3:40pm): A suspected gas explosion at a shopping mall in Taichung this morning has killed four people and injured 20 others, as emergency responders continue to investigate. The explosion occurred on the 12th floor of the Shin Kong Mitsukoshi in Situn District (西屯) at 11:33am. One person was declared dead at the scene, while three people were declared deceased later after receiving emergency treatment. Another 20 people sustained major or minor injuries. The Taichung Fire Bureau said it received a report of the explosion at 11:33am and sent rescuers to respond. The cause of the explosion is still under investigation, it said. The National Fire
ACCOUNTABILITY: The incident, which occured at a Shin Kong Mitsukoshi Department Store in Taichung, was allegedly caused by a gas explosion on the 12th floor Shin Kong Group (新光集團) president Richard Wu (吳昕陽) yesterday said the company would take responsibility for an apparent gas explosion that resulted in four deaths and 26 injuries at Shin Kong Mitsukoshi Zhonggang Store in Taichung yesterday. The Taichung Fire Bureau at 11:33am yesterday received a report saying that people were injured after an explosion at the department store on Section 3 of Taiwan Boulevard in Taichung’s Situn District (西屯). It sent 56 ambulances and 136 paramedics to the site, with the people injured sent to Cheng Ching Hospital’s Chung Kang Branch, Wuri Lin Shin Hospital, Taichung Veterans General Hospital or Chung
ALL-IN-ONE: A company in Tainan and another in New Taipei City offer tours to China during which Taiwanese can apply for a Chinese ID card, the source said The National Immigration Agency and national security authorities have identified at least five companies that help Taiwanese apply for Chinese identification cards while traveling in China, a source said yesterday. The issue has garnered attention in the past few months after YouTuber “Pa Chiung” (八炯) said that there are companies in Taiwan that help Taiwanese apply for Chinese documents. Minister of the Interior Liu Shyh-fang (劉世芳) last week said that three to five public relations firms in southern and northern Taiwan have allegedly assisted Taiwanese in applying for Chinese ID cards and were under investigation for potential contraventions of the Act Governing
‘LAWFUL USE’: The last time a US warship transited the Taiwan Strait was on Oct. 20 last year, and this week’s transit is the first of US President Donald Trump’s second term Two US military vessels transited the Taiwan Strait from Sunday through early yesterday, the Ministry of National Defense said in a statement, the first such mission since US President Donald Trump took office last month. The two vessels sailed south through the Strait, the ministry said, adding that it closely monitored nearby airspace and waters at the time and observed nothing unusual. The ministry did not name the two vessels, but the US Navy identified them as the Arleigh Burke-class guided-missile destroyer USS Ralph Johnson and the Pathfinder-class survey ship USNS Bowditch. The ships carried out a north-to-south transit from