EQUITIES
<strong>Fears send TAIEX plunging</strong>
The TAIEX took a beating yesterday, tumbling almost 300 points, as market sentiment was roiled by fears of potential rate hikes by the US Federal Reserve and over military tensions between Russia and Ukraine. The bellwether electronics sector came under heavy downward pressure, falling 1.61 percent, with the semiconductor subindex down 1.75 percent, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). The TAIEX closed down 287.92 points, or 1.60 percent, at 17,701.12. Turnover totaled NT$269.410 billion (US$9.72 billion), with foreign institutional investors selling a net NT$47.35 billion of shares on the main board, Taiwan Stock
EQUITIES
<strong>Foreigners sell NT$47.97bn</strong>
Foreign investors last week sold a net NT$47.97 billion (US$1.73 billion) of local shares after buying a net NT$42.43 billion a week earlier, the Taiwan Stock Exchange said in a statement yesterday. As of Friday, foreign investors had bought NT$24.42 billion of local shares from the beginning of this year, it said. Last week, the top three shares that foreign investors sold were AU Optronics Corp (友達光電), Innolux Corp (群創) and Evergreen Marine Corp (長榮海運), while the top three bought were Wistron Corp (緯創), China Development Financial Holding Corp (中華開發金控) and Gold Circuit Electronics Ltd (金像電子), the exchange
INVESTMENT
<strong>Firms to invest NT$2.2bn</strong>
The Ministry of Economic Affairs yesterday approved two investment proposals totaling NT$2.2 billion (US$79.6 million) from Superrite Electronics Co (新秀波磁能) and Chang Jiang Frozen Foods Co (強匠冷凍食品). Superrite, which makes ferrite-based products and electronic ceramics, plans to spend NT$400 million on expanding its smart manufacturing capacity in New Taipei City’s Sansia District (三峽) and Taoyuan’s Dasi District (大溪), with an aim to reduce its reliance on its Chinese production lines. The investment is expected to create 41 jobs. Chang Jiang, which supplies frozen foods to convenience store, restaurant and supermarket chains, plans to invest NT$1.8 billion to
ENERGY
<strong>Gas not to rise over holiday</strong>
The Ministry of Economic Affairs yesterday said that state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) would not raise its gasoline and diesel prices if world crude oil prices increased during the Lunar New Year holiday, from Jan. 31 to Feb. 13. However, if global oil prices fall, people would likely see a downward adjustment in prices at CPC’s gas pumps, the ministry said in a statement. CPC would also keep prices of household and industrial liquefied natural gas unchanged until the end of next month, it said. Prices for 20kg cylinders of liquefied petroleum
ELECTRONICS
<strong>Wistron posts record profit</strong>
Wistron Corp (緯創) yesterday reported record net profit of NT$5.36 billion (US$194.03 million) for last quarter, up 130.56 percent from a year earlier, or earnings per share of NT$1.93. The company’s revenue rose 13.29 percent year-on-year to NT$263.45 billion and gross margin increased 0.24 percentage points to 5.87 percent, Wistron said in a statement. Overall, the contract electronics makers reported net profit of NT$10.46 billion for last year, up 20.4 percent from 2021, after revenue grew 2 percent to NT$862.08 billion and gross margin improved 0.48 percentage points to 5.93 percent. Earnings per share stood at NT$3.76