Stocks gained for a four day. China Development Financial Holding Corp (中華開發金控) rose after the nation's fifth-biggest financial services company by market value said it returned to profit in the third quarter.
United Microelectronics Corp (UMC,
The TAIEX added 12.26, or 0.2 percent, to 6,108.13, its highest since April 29 last year. The index has gained 3.2 percent this week and has surged 37 percent this year. About three stocks gained for every two that declined. The futures index shed 0.4 percent to 6134.
About 4.4 billion shares changed hands, 5 percent above the average daily trading in the past three months. Shares worth NT$91 billion traded, 4.5 percent below the three-month daily average.
China Development advanced NT$0.25, or 1.7 percent, to NT$14.80. Its loss narrowed to NT$12.9 billion (US$380 million) at the end of last month, from NT$14.7 billion at the end of June, after it booked investment gains in the third quarter.
UMC shed NT$0.40, or 1.2 percent, to NT$31.80. Third-quarter profit tripled to NT$4.2 billion as demand rose and the company booked gains from selling investments. Profit included NT$2 billion of non-operating income.
"While companies like UMC and Taiwan Semiconductor Manufacturing Co (台積電) have reported impressive profit growth in the third quarter, their stock prices have outperformed the benchmark index too much too fast," said Mike Shiao, a fund manager at Invesco Taiwan Ltd (
Advanced Semiconductor Engineering 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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