The TAIEX yesterday moved sharply higher by more than 2 percent to close above 16,600 points, with investors encouraged by strong gains on US markets at the end of last week, dealers said.
The bellwether electronics sector continued its momentum from a session earlier amid eased concerns over inflation in the US following the latest favorable core personal consumption expenditure data, while the financial sector lent more support to the broader market on a strong technical comeback, they said.
The TAIEX closed up 344.40 points, or 2.12 percent, at the day’s high of 16,610.62, the first time the index has closed above 16,600 points since May 5, when it closed at 16,696.12.
Photo: Kelson Wang, Taipei Times
Turnover totaled NT$256.035 billion (US$8.79 billion), with foreign institutional investors buying a net NT$27.58 billion of shares on the main board, Taiwan Stock Exchange data showed.
“Thanks to a strong showing on US markets on Friday, investors here simply seized on positive leads to hunt for bargains in the electronics sector, which had been hit hard by fears over a hawkish US Federal Reserve,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said.
The electronics sector rose 2.55 percent and the semiconductor sub-index soared 3.08 percent, while the financial sector rose 2.05 percent, the textile sector advanced 1.75 percent and the food sector moved up 1.36 percent.
“Today’s solid gains are paving a path for a higher TAIEX, as the New Taiwan dollar trended higher amid eased fears over an aggressive Fed, but I expect unless turnover expands to NT$300 billion or higher, it will not be easy for the main board to jump over high technical hurdles ahead of 16,800 points,” Huang said.
The NT dollar yesterday rose NT$0.206 to close at NT$29.144 against the US dollar in Taipei trading.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
RSS