Stocks fell for a third day, led by exporters such as Quanta Computer Inc (
The TAIEX shed 33.62, or 0.6 percent, to 5225.83. August futures on the benchmark fell 0.5 percent to 5242. Almost three stocks declined for every one that gained. The benchmark index has gained 17 percent this year.
About 2.8 billion shares changed hands, 36 percent below the average trading in the past three months. The value of trading was NT$63.2 billion (US$1.8 billion), 32 percent below the three-month daily average.
"Investors are reluctant to put more money into stocks fearing the recent market rally may have outpaced corporate profit growth," said Celine Chiang (
Notebook-computer maker Quanta fell NT$1.50, or 1.8 percent, to NT$81.50. The stock has gained 57 percent this year. Hon Hai, the nation's biggest electronics maker by sales, fell NT$4, or 2.6 percent, to NT$153.
US employers in July announced plans to cut 85,117 jobs, up 43 percent from June and 5.1 percent from July last year, according to a survey by Challenger, Gray & Christmas Inc, a Chicago-based placement firm. That reversed two months of declines in planned job cuts. The US is Taiwan's biggest export market after China.
China Airlines Co (
Advanced Semiconductor Engineering Inc (
The Kaohsiung-based company's sales rose to NT$4.6 billion from NT$4.1 billion. The company forecast sales will rise by 10 percent this quarter from the second.
Compal Electronics Inc (
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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