Taiwanese shares closed down 1.82 percent yesterday after a Wall Street dive overnight and an oil price rebound, dealers said.
The weighted index fell 134.46 points to 7,233.62, off a low of 7,170.36 and a high of 7,234.12, on turnover of NT$87.55 billion (US$2.88 billion).
Financials led the downside, falling 3.25 percent after disappointing US home sales data for last month, amid worries the sector’s exposure to US mortgage-backed securities could hurt profitability, dealers said.
The bellwether electronics sector was down 1.78 percent but tourism was up 1.37 percent.
CONCERNS
Decliners outnumbered gainers by 1,746 to 461 with 306 stocks unchanged. Weaker-than-expected US home sales data has raised concerns over the US economy, Mega Securities Corp (兆豐證券) analyst Alex Huang (黃國偉) said.
He said a rebound in international crude oil prices added further economic uncertainty.
“Such negative factors did upset investors in global markets on fears that US equity markets will face more turbulence down the road. Without a stable Wall Street, Taiwan’s market cannot avoid further volatility,” Huang said.
POCKETING PROFIT
Huang said investors also used the Wall Street tumble as an excuse to pocket profit they had earned from a recent significant rebound in the financial sector.
For the week to Friday, the weighted index closed up 418.30 points or 6.14 percent. It lost 5.93 percent the previous week.
Average daily turnover stood at NT$105.67 billion, compared with NT$105.63 billion.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
RSS