EQUITIES
<strong>TAIEX down on US data</strong>
The TAIEX yesterday took a beating, plunging nearly 200 points, as investors took their cues from heavy losses on US markets caused by weaker-than-expected economic data. Selling again focused on large-cap electronics stocks, driving the broader market lower, while the transportation sector also came under pressure, led by shipping heavyweights. The TAIEX closed down 199.79 points, or 1.29 percent, at 15,240.13. Turnover totaled NT$243.465 billion (US$8.2 billion), with foreign institutional investors selling a net NT$5.94 billion of shares on the main board, Taiwan Stock Exchange data showed.
CONSTRUCTION
<strong>Private firms up investment</strong>
The Ministry of Finance yesterday said
EQUITIES
<strong>Investors pocket profits</strong>
The TAIEX yesterday closed lower as overnight losses in the US prompted local investors to lock in profits gained during a rally in the previous day’s session. Amid lingering concerns over a rate hike cycle by the US Federal Reserve, the bellwether electronics sector came under pressure, leading the broader market lower as rising bond yields continued to dwarf dividends. The TAIEX closed down 108.09 points, or 0.7 percent, at 15,439.92. Turnover totaled NT$233.284 billion (US$7.87 billion), with foreign institutional investors selling a net NT$10.59 billion of shares on the main board. The electronics sector lost 0.74 percent,
INVESTMENT
<strong>Foreign share sales dive</strong>
Foreign investors last week sold a net NT$22.98 billion (US$776.04 million) in local shares after selling a net NT$107.81 billion a week earlier, the Taiwan Stock Exchange said in a statement yesterday. As of Friday, foreign investors had sold NT$913.014 billion in local shares since the beginning of the year, the exchange said. The top three shares sold by foreign investors last week were United Microelectronics Corp (聯電), China Steel Corp (中鋼) and Yang Ming Marine Transport Corp (陽明海運), while the top three shares bought by foreign investors were Innolux Corp (群創光電), Mega Financial Holding Co (兆豐金控)
ECONOMY
<strong>Bond sale to fetch NT$145bn</strong>
The government plans to auction NT$115 billion (US$3.9 billion) in bonds and NT$30 billion in treasury bills in the third quarter of this year to help repay debt and handle special funding needs, the Ministry of Finance (MOF) said in a statement on its Web site yesterday. The third-quarter sale of NT$145 billion in total bonds and treasury bills is 12.12 percent lower than the NT$165 billion debt the government sold in the second quarter. Apart from the regular five-year, 10-year and 20-year bonds to be issued each month in the next quarter, the ministry said
TECHNOLOGY
<strong>E Ink payout plan approved</strong>
Shareholders of E Ink Holdings Inc (元太科技), a leading e-paper display supplier, yesterday approved the company’s proposal to distribute a cash dividend of NT$3.2 per share, suggesting a payout ratio of 70.64 percent based on the company’s earnings per share of NT$4.53 last year, which were the highest in 10 years. E Ink reported revenue of NT$19.65 billion (US$659.62 million) for last year, the highest in nearly nine years, due to robust demand for e-paper displays, e-notes and electronic shelf labels. E Ink chief financial officer Lloyd Chen (陳樂群) told shareholders that the evolution of the