EUQITIES
<strong>Fund outflow spikes</strong>
Taiwan saw a net foreign fund outflow of US$5.94 billion last month, which was not only the first net outflow this year, but also the second-largest outflow in a single month after US$10.3 billion in March 2020, data released yesterday by the Financial Supervisory Commission showed. In the first three months of this year, Taiwan had a net foreign fund outflow of US$680 million, the commission data showed. Foreign institutional investors last month sold a net NT$263 billion (US$9.12 billion) of local shares, Taiwan Stock Exchange data showed.
ELECTRONICS
<strong>Yageo profit rises 14.9%</strong>
Passive components maker Yageo Corp (國巨) yesterday said
EQUITIES
<strong>Gogoro dives on US debut</strong>
Electric scooter maker Gogoro Inc (睿能創意) on Tuesday made its debut on the NASDAQ Global Select Market, but its shares plunged more than 12 percent as tech stocks on the US market suffered heavy losses amid rising fears that the US Federal Reserve would become more aggressive in tightening its monetary policy. Gogoro, which is the first Taiwanese unicorn start-up to list its shares on the NASDAQ, closed down 12.3 percent at US$14.02, while the tech-heavy NASDAQ index fell 2.26 percent. Gogoro completed a merger with special-purpose acquisition company Poema Global Holdings Corp on Monday. It
EQUITIES
<strong>TAIEX down on virus surge</strong>
The TAIEX fell yesterday, due to renewed COVID-19 concerns after the number of local cases a day earlier surged to the highest since June last year, but losses were limited, dealers said.
“The spike in domestic COVID-19 cases surprised investors,” Hua Nan Securities Co (華南永昌證券) analyst Kevin Su (蘇俊宏) said. “So, they simply scrambled to dump their stocks soon after the local equity market opened.” Worries over a possible rate hike by the US Federal Reserve amid rising inflationary pressures also prompted selling, dealers said. The TAIEX fell below its 20-day moving average of 17,446 points
EQUITIES
<strong>Shares move higher</strong>
The TAIEX moved higher yesterday as the bellwether electronics sector bounced back in the wake of gains posted by tech stocks on US markets overnight, dealers said. Buying also focused on the financial sector on hopes that a rate hike cycle by the US Federal Reserve would help financial institutions generate more returns from their overseas investments, they said. The TAIEX closed up 171.66 points, or 0.98 percent, at 17,731.37. Turnover totaled NT$283.563 billion (US$9.93 billion), with foreign institutional investors buying a net NT$11.27 billion of shares on the main board after selling a net NT$354 million on
EQUITIES
<strong>TAIEX flat due to US markets</strong>
Shares in Taiwan closed nearly flat yesterday, after moving into consolidation mode, as investor sentiment was dictated by a lackluster performance on Wall Street after a hawkish statement given by US Federal Reserve Chairman Jerome Powell, dealers said. Lingering concerns over Russia’s war with Ukraine also weighed on the main board, with the bellwether electronics sector led by large-cap semiconductor stocks taking the brunt of the pressure, they said. The TAIEX closed down 0.65 points at 17,559.71, after moving between 17,468.55 and 17,573.29. Turnover totaled NT$235.455 billion (US$8.25 billion), with foreign institutional investors