Taiwanese shares moved higher yesterday on a technical rebound, but the gains were capped by a late sell-off of large-cap semiconductor stocks, dealers said.
Turnover also remained low as investors worried the US Federal Reserve could follow a tighter monetary policy after the US on Friday reported stronger-than-expected job data for last month, they said.
The bellwether electronics sector and transportation stocks initially led the upturn before profit-taking emerged.
Photo: CNA
Buying rotated to select old-economy stocks and some financial stocks, lending support to the broader market, the dealers added.
The TAIEX closed up 53.39 points, or 0.32 percent, at 16,605.96. Turnover totaled NT$210.28 billion (US$7.15 billion), with foreign institutional investors selling a net NT$2.21 billion in shares on the main board, Taiwan Stock Exchange data showed.
“Look at today’s turnover. I think market sentiment remained cautious after the US’ May non-farm payroll data. Many investors appeared reluctant to chase prices for the time being,” Hua Nan Securities Co (華南永昌證券) analyst Lu Chin-wei (呂晉維) said.
“Caution over a more aggressive rate hike cycle in the US continues to weigh on American stock markets, and investors here are nervous that further US volatility will send ripples through other stock markets, including Taiwan’s,” Lu said.
“As the US dollar continues to strengthen due to the Fed’s interest rate hikes, it is unlikely foreign institutional investors will resume heavy buying of shares in Taiwan any time soon,” he said.
The New Taiwan dollar declined NT$0.027 to close at NT$29.415 against the US dollar in Taipei trading yesterday.
PERSISTENT RUMORS: Nvidia’s CEO said the firm is not in talks to sell AI chips to China, but he would welcome a change in US policy barring the activity Nvidia Corp CEO Jensen Huang (黃仁勳) said his company is not in discussions to sell its Blackwell artificial intelligence (AI) chips to Chinese firms, waving off speculation it is trying to engineer a return to the world’s largest semiconductor market. Huang, who arrived in Taiwan yesterday ahead of meetings with longtime partner Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), took the opportunity to clarify recent comments about the US-China AI race. The Nvidia head caused a stir in an interview this week with the Financial Times, in which he was quoted as saying “China will win” the AI race. Huang yesterday said
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a
MORE WEIGHT: The national weighting was raised in one index while holding steady in two others, while several companies rose or fell in prominence MSCI Inc, a global index provider, has raised Taiwan’s weighting in one of its major indices and left the country’s weighting unchanged in two other indices after a regular index review. In a statement released on Thursday, MSCI said it has upgraded Taiwan’s weighting in the MSCI All-Country World Index by 0.02 percentage points to 2.25 percent, while maintaining the weighting in the MSCI Emerging Markets Index, the most closely watched by foreign institutional investors, at 20.46 percent. Additionally, the index provider has left Taiwan’s weighting in the MSCI All-Country Asia ex-Japan Index unchanged at 23.15 percent. The latest index adjustments are to
RSS