Tue, May 16, 2023 page11

• Taiwan Business Quick Take

  • Staff writer, with agencies
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  EQUITIES

  Asian markets mostly higher

  Asian and European markets mostly rose yesterday as investors kept an eye on the talks to raise the US debt limit to avert a “catastrophic” default. There has been some progress on reaching a deal, but Democrats and Republicans remain at loggerheads, although US President Joe Biden said he was confident the debt ceiling would be raised. In Taipei, the TAIEX closed down 27.31 points, or 0.18 percent, at 15,475.05, with turnover of NT$189.128 billion (US$6.14 billion). Elsewhere in Asia, Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore and Mumbai rose, although there were losses in Manila and Jakarta. London, Paris and Frankfurt were all up in the morning as the EU lifted its economic growth forecast for this year.

  EQUITIES

  Foreigners are net sellers

  Foreign institutional investors last week sold a net NT$7.74 billion of local shares after selling a net NT$9.33 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. The top three shares sold by foreign investors last week were EVA Airways Corp (長榮航空), Innolux Corp (群創) and Shin Kong Financial Holding Co (新光金控), while the top three bought were Tatung Co (大同), Compal Electronics Inc (仁寶) and E.Sun Financial Holding Co (玉山金控), the exchange said. As of Friday last week, foreign investors had bought NT$153.97 billion of local shares since the beginning of this year, while the market capitalization of shares held by foreign investors was NT$19.38 trillion, or 39.85 percent of total market capitalization, it said.

  EQUITIES

  TIB accounts up to 190,000

  The number of “Qualified Investors” on the Taiwan Innovation Board (TIB) soared to 190,000 accounts as of the end of last month, the Taiwan Stock Exchange said in a statement yesterday. That is up from nearly 90,000 accounts a year earlier. The TIB is the exchange’s new trading board for start-ups focused on the Internet of Things and artificial intelligence, as well as promising biotechnology companies and firms that produce key components. Three companies are now trading their shares on the TIB, the exchange said. To further promote the new board, the exchange plans to give away six iPhones each month through December via lucky draws, and participants in the draws could also win a Gogoro electric scooter after the number of accounts exceeds 200,000, it said.

  FINANCIAL SERVICES

  Shin Kong posts Q1 loss

  Shin Kong Financial Holding Co (新光金控) posted a net loss of NT$9.1 billion in the first quarter of the year, making it the only local financial holding company remaining in the red during the January-to-March period. That came as the company’s life insurance arm, Shin Kong Life Insurance Co (新光人壽), posted a net loss of NT$11.3 billion in the quarter, the largest quarterly loss in more than five years. The financial holding company plans to raise NT$16.4 billion of new funds in the second half of this year to improve the capital structure of its flagship insurance unit. The insurer might also consider disposing of some assets to boost its capital adequacy ration. Shin Kong Life’s bottom line deteriorated due to losses on foreign corporate bonds and foreign exchange, while the high costs of high-yield insurance policies also dragged on its profitability, its parent company said.
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