EQUITIES
<strong>Foreigners sell NT$6.31bn</strong>
Foreign investors last week sold a net NT$6.31 billion (US$226.73 million) of local shares after buying a net NT$15.5 billion a week earlier, the Taiwan Stock Exchange said in a statement yesterday. As of Friday, foreign investors had sold NT$28.48 billion of local shares from the beginning of the year, it said. Last week, the top three shares foreign investors sold were Innolux Corp (群創), United Microelectronics Corp (聯電) and AU Optronics Corp (友達光電), while the top three bought were Winbond Electronics Corp (華邦電子), China Airlines Ltd (中華航空) and Evergreen Marine Corp (長榮海運), the exchange said. The market
EQUITIES
<strong>TAIEX falls 313.27 points</strong>
The TAIEX yesterday fell more than 300 points, after concerns over a possible Russian invasion of Ukraine drove heavy losses on US markets at the end of last week. Selling occurred across the board, with investors dumping liquid large cap tech stocks in the bellwether electronics sector, in particular in the semiconductor industry, pushing the main board below 18,000 points. The TAIEX closed down 313.27 points, or 1.71 percent, at 17,997.67. The electronics sector led the downturn, falling 2.19 percent, with the semiconductor subindex down 2.30 percent. Turnover on the main board totaled NT$259.44 billion (US$9.31 billion),
EQUITIES
<strong>Investors bank on US rally</strong>
The TAIEX moved sharply higher to close above 18,100 points yesterday, as upward momentum on the main board continued from the previous session after an overnight rally on US markets. Buying rotated to the bellwether electronics sector as investors took their cues from a robust showing by tech stocks in the US, while select old economy stocks continued to post gains on the back of growing raw material prices worldwide. The TAIEX closed up 185.20 points, or 1.03 percent, at 18,151.76, after moving between 18,039.23 and 18,168.60. Turnover totaled NT$294.063 billion (US$10.57 billion), with foreign institutional
EQUITIES
<strong>Tech stocks curb TAIEX gains</strong>
The TAIEX closed higher yesterday, but gains were limited as some tech stocks, in particular in the semiconductor industry, fell toward the end of the day amid lingering worries on the US markets over an increase in interest rates. Offsetting the impact from the tech sector, the transportation sector continued its momentum from the previous session, while financial stocks kept steaming ahead on hopes that higher interest rates would boost financial firms’ returns from overseas investments. The TAIEX rose by 66.26 points, or 0.37 percent, to close at 17,966.56, after coming off a high of 18,063.55.
ECONOMY
<strong>GDP to increase 4%: council</strong>
Taiwan’s GDP is expected to grow 4 percent this year, the National Development Council said in a statement yesterday. The council predicted solid growth amid booming outbound shipments, a continuing global economic recovery, more resilient supply chains and the emergence of new technologies. It said that Taiwan’s exports could reach US$472.1 billion this year, up 6.14 percent from last year, and that private consumption would grow 5.36 percent this year. An investment program, which was launched in 2019 and late last year was extended to 2024, would help attract NT$900 billion (US$32.33 billion) in overseas Taiwanese