Stocks gained for a second day yesterday, led by exporters such as Taiwan Semiconductor Manufac-turing Co (TSMC,
The TAIEX added 72.17, or 1.4 percent, to 5,390.51. About two stocks gained for every one that fell. The index shed 0.1 percent this week, declining only for a second week in 13.
August futures on the benchmark rose 1.1 percent to 5,390.
A US Labor Department report said initial jobless claims were 388,000 last week, less than expected by economists polled by Bloomberg. An index of Chicago-area manufacturing also rose to 55.9 last month from 52.5 in June, beating some economists expectations. A reading of more than 50 suggests expansion.
The US is Taiwan's second-largest export market after China.
"The latest US economic indicators have eased investors' concerns about whether the recent stock rally is sustainable," said Yu Reming, who oversees the equivalent of US$4.2 billion in stocks at Prudential Securities Investment Trust Co.
"An improved US economy will provide the engine to pull exporters worldwide out of the murkiness," Yu said.
TSMC, which gets three-quarters of its sales from the US, rose NT$1, or 1.7 percent, to NT$60. Foreign investors bought a net 40 million shares of the company on Thursday, more than any other stock, according to the Taiwan Stock Exchange.
Quanta Computer, the world's largest notebook computer maker that counts Dell Inc as its biggest customer, rose NT$4, or 4.9 percent, to NT$85.
About 4.1 billion shares changed hands, 6 percent below the average trading in the past three months. The value of trading was NT$103.4 billion ($3 billion), 11 percent above the three-month daily average.
Chi Mei Optoelectronics Corp(
Taiwan Cellular Corp. (
Acting chairman Daniel Tsai (蔡明忠) announced the measures, which include the sale of a one-third stake in Taiwan Cellular owned by affiliate Taiwan Fixed Network Ltd (台灣固網), at a press conference on Thursday.
VIA Technologies Inc (威盛), the world's second-largest maker of chipsets for personal computers, rose NT$3.50, or 6.3 percent, to NT$59.50. VIA will start selling processors to Motorola Inc for use in digital television equipment, a Chinese-language newspaper reported, citing unidentified officials.
VIA, which will ship more than 10,000 processors to Motorola, expects sales of the chips this year to increase by about 50 percent to 270 million units, the report said.
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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