Taiwanese shares closed up 1.41 percent yesterday following gains on Wall Street, dealers said.
The TAIEX index rose 86.62 points to 6,231.15 on turnover of NT$82.97 billion (US$2.52 billion).
Gainers led losers by 1,502 to 635 with 128 stocks unchanged.
The market opened up 0.71 percent as investors took advantage of recent losses and the buying extended throughout the day on active bargain hunting, dealers said.
“Corrections in the past two weeks did pave the path for the rebound. It seems that selling pressure has been largely digested,” Concord Securities Co (康和證券) analyst Allen Lin said.
Before yesterday, the market had fallen more than 11 percent since the beginning of this month.
Stocks of firms with large real estate assets boosted the index from the market opening on expectations that property prices will rise as Chinese capital is allowed in the local property market, dealers said.
“However, many investors still remained on the sidelines after the recent significant downside,” Lin said, referring to yesterday’s low trading volume.
“That shows it is not easy for the market to ride out of the current narrow range without a takeoff of large cap electronic stocks, which need high liquidity,” Lin said.
The rise in the stock market helped raise the local currency against its US counterpart, with the NT dollar edging up NT$0.026 to close at NT$32.878 on the Taipei Forex Inc yesterday.
Turnover was US$599 million, up from US$497 million in the previous day.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ¥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone