Stocks gained yesterday. Pou Chen Corp (寶成) and Asustek Computer Inc (華碩電腦) rose on optimism the possible appreciation of the Chinese yuan will boost the value of their Chinese assets and proceeds.
China has drawn pressure from trading partners to allow its currency, which is pegged to the US dollar, to appreciate.
Chunghwa Telecom Co (中華 電信) fell after Taiwan Cellular Corp (台灣大哥大) chairman Daniel Tsai (蔡明忠) said he plans to sell off part of the company's stake in Chung-
hwa bought in December.
Chunghwa Telecom fell NT$0.30, or 0.6 percent, to NT$47.70. Taiwan Cellular was unchanged at NT$26.
The TAIEX rose 11.16, or 0.2 percent, to 5,318.34. The index gained 9.2 percent this month, its third monthly advance. About five stocks declined for every four that gained. August futures on the benchmark fell rose 0.4 percent to 5,330.
About 3.8 billion shares changed hands, 12 percent below the average trading in the past three months. The value of trading was NT$85 billion (US$2.5 billion), 8 percent below the three-month daily average.
Shoemaker Pou Chen, whose clients include Nike Inc, rose by its 7 percent daily limit to NT$37.60.
Asustek Computer rose NT$3.50, or 3.2 percent, to NT$112.
"Some investors are favoring so-called China plays because of growing anticipation of the appreciation of the Chinese currency," said Edward Hsieh, a fund manager at First Global Investment Trust Co (元大投信).
Chi Mei Optoelectronics Corp (奇美電子) was unchanged at NT$34 after rising as much as 0.9 percent. It said it posted net income for the three months ended June 30, ending two straight quar-ters of losses.
Powerchip Semiconductor Corp (力晶半導體) dropped NT$0.40, or 2.3 percent, to NT$16.90. Powerchip reported a loss of NT$2.9 billion in the first half of this year.
United Microelectronics Corp (聯電) fell NT$0.10, or 0.4 percent, to NT$24.50. It said net income in the three months ended June 30 fell 39 percent from a year ago. The company said it expects shipments to fall by a single-digit percentage this quarter from the second.
Taiwan Semiconductor Manu-facturing Co's (TSMC,台積電) closed up NT$2, or 3.5 percent, to NT$59.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
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