14:30 23Dec2008 RTRS-Taiwan stocks hit 2-wk closing low on DRAM makers
* DRAM shares plummet on news of applying for state aid
* Tourism shares drop despite of arrival of pandas
* Turnover falls to 2-week low in cautious trading
(Updates quotes, details)
By Faith Hung
TAIPEI, Dec 23 (Reuters) - Taiwan stocks fell 2.86 percent to
post their lowest close in more than two weeks on Tuesday,
weighed down by struggling DRAM firms, as poor November jobless
data renewed investor concerns about the health of the economy.
The main TAIEX share index <.TWII> closed down 129.68 points
at 4,405.86, its lowest since Dec 5, extending its slide to over
6 percent in two sessions.
The heavily-weighted electronics sub-index <.TELI> was off 3
percent and the financial sub-index <.TFNI> shed 2.46 percent.
Shares worth T$51.2 billion ($1.56 billion) changed hands --
a two-week low -- compared with T$67.2 billion a day ago.
"Every piece of news, including the jobless data, has been
negative, and there would be few exceptions as we head into the
first quarter," said Katty Wang, a fund manager of Prudential
Financial.
"No rally is in sight in the near term," said Wang, whose
firm manages about T$100 billion of client assets in Taiwan.
Tourism stocks fell as investors ignored news that a pair of
giant pandas from China, a goodwill gift from Beijing and the
latest sign of improving ties between the two political rivals,
would arrive in Taiwan later in the day. [ID:nPEK292356].
Formosa Regent <2707.TW>, a major hotel chain operator, ended
7 percent limit-down and Leofoo Development <2705.TW> shed 5.3
percent.
All DRAM makers, including Powerchip <5346.TWO>, ProMOS
<5387.TWO> and Nanya Technology <2408.TW>, fell by the 7 percent
limit. Powerchip said on Tuesday it had applied for government
assistance and had widened the degree of its output cut to 20-25
percent from 15 percent previously amid the sector's worst
downturn. [ID:nTP292206]
Loss-making ProMOS also said recently it had applied for
state aid.
Taiwan's seasonally adjusted jobless rate rose 4.62 percent
in November, the government said on Monday, as companies laid off
workers in response to a slowing global economy. [ID:nTP288751]
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
---------------------TAIEX IN PERSPECTIVE--------------------
Move on day -2.86 percent
Close on day 4,405.86
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
-------------------------------------------------------------
($1=T$33.0)
(Editing by Jonathan Hopfner))
((faith.hung@thomsonreuters.com; Reuters Messaging:
faith.hung.reuters.com@reuters.net; +886 2 2508 0815))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia.............[.SO] Hong
Monday, December 22, 2008
Sunday, December 21, 2008
twn stock 22 dec
14:32 22Dec2008 RTRS-Taiwan stocks at 1-wk closing low, Hon Hai slumps
* Main index falls 3.4 percent
* Hon Hai drops after lay-off plans
* LCD shares mixed on China assistance
* Builders down for 2nd day on new accounting rule
(Adds details and quotes)
Gina Chang
TAIPEI, Dec 22 (Reuters) - Taiwan stocks fell 3.4 percent on
Monday to a one-week closing low, as Hon Hai led the market lower
after its chairman said the economic slowdown was more severe
than many people think and his company would cut its workforce.
Electronics gear maker Hon Hai <2317.TW>, the market's most
active share by turnover, slid 6.6 percent, pushing the main
TAIEX share index <.TWII> down 158.98 points to end at 4,535.54,
its lowest finish since Dec. 12.
The market gave up early gains that were inspired by major
LCD makers after China pledged over the weekend to buy LCD panels
worth $2 billion from Taiwan makers, to support the industry
during the global economic downturn. [ID:nTP49775]
"Hon Hai's lay-off plan was within expectations as the world
economy continues to worsen and as the Chinese yuan strengthens,"
said Alex Huang, vice president of Mega International Securities.
Hon Hai group said on Friday it plans to reduce its global
workforce by 3-5 percent due to a worse-than-expected slowdown,
with the group's chairman saying the worst is yet to come.
[ID:nTP281361]
Investors ignored news that China said it was willing to meet
requests for assistance from political rival Taiwan and would
also offer Taiwanese investors on the mainland $19 billion in
financing over the next three years. [ID:nN21273662]
At home, a newspaper reported on Monday the economics
ministry will put up T$5.5 billion over the next two years to
promote exports through measures such as supporting export
finance and insurance.
"China's assistance is only a short-term boost for stock
prices, the fundamentals of the economy are more important
factors in the longer term," said Wang Kao-hsiung, vice president
of KGI Securities.
"Investors' confidence is still weak, judging by light
trading volume today. We need to keep watching if investors will
chase stocks as it is an important time now to see if the stock
market could turn bullish after recent gains."
Turnover was thin at T$67.2 billion ($2.1 billion), down from
Friday's T$70.7 billion.
The electronics sub-index <.TELI> slid 2.84 percent.
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
gave up earlier gains to fall 0.65 percent but smaller rival Chi
Mei Optoelectronics <3009.TW> advanced 4.93 percent.
"It's positive for LCD makers, but it's just talk for the
moment and we still don't know when China will actually buy their
products," said Nigel Lee, a portfolio manager of National
Investment Trust.
AU and Chi Mei, which had combined sales of about T$30
billion in November, are facing a global economic slowdown that
has hurt spending on computers and flat-screen TVs that use LCD
panels.
Market research firm DisplaySearch said worldwide revenues
for liquid crystal display (LCD) TVs are expected to fall for the
first time since the category was launched due to the economic
downturn. [ID:nSEO269024]
Taiwan Semiconductor Manufacturing Co (TSMC)
* Main index falls 3.4 percent
* Hon Hai drops after lay-off plans
* LCD shares mixed on China assistance
* Builders down for 2nd day on new accounting rule
(Adds details and quotes)
Gina Chang
TAIPEI, Dec 22 (Reuters) - Taiwan stocks fell 3.4 percent on
Monday to a one-week closing low, as Hon Hai led the market lower
after its chairman said the economic slowdown was more severe
than many people think and his company would cut its workforce.
Electronics gear maker Hon Hai <2317.TW>, the market's most
active share by turnover, slid 6.6 percent, pushing the main
TAIEX share index <.TWII> down 158.98 points to end at 4,535.54,
its lowest finish since Dec. 12.
The market gave up early gains that were inspired by major
LCD makers after China pledged over the weekend to buy LCD panels
worth $2 billion from Taiwan makers, to support the industry
during the global economic downturn. [ID:nTP49775]
"Hon Hai's lay-off plan was within expectations as the world
economy continues to worsen and as the Chinese yuan strengthens,"
said Alex Huang, vice president of Mega International Securities.
Hon Hai group said on Friday it plans to reduce its global
workforce by 3-5 percent due to a worse-than-expected slowdown,
with the group's chairman saying the worst is yet to come.
[ID:nTP281361]
Investors ignored news that China said it was willing to meet
requests for assistance from political rival Taiwan and would
also offer Taiwanese investors on the mainland $19 billion in
financing over the next three years. [ID:nN21273662]
At home, a newspaper reported on Monday the economics
ministry will put up T$5.5 billion over the next two years to
promote exports through measures such as supporting export
finance and insurance.
"China's assistance is only a short-term boost for stock
prices, the fundamentals of the economy are more important
factors in the longer term," said Wang Kao-hsiung, vice president
of KGI Securities.
"Investors' confidence is still weak, judging by light
trading volume today. We need to keep watching if investors will
chase stocks as it is an important time now to see if the stock
market could turn bullish after recent gains."
Turnover was thin at T$67.2 billion ($2.1 billion), down from
Friday's T$70.7 billion.
The electronics sub-index <.TELI> slid 2.84 percent.
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
gave up earlier gains to fall 0.65 percent but smaller rival Chi
Mei Optoelectronics <3009.TW> advanced 4.93 percent.
"It's positive for LCD makers, but it's just talk for the
moment and we still don't know when China will actually buy their
products," said Nigel Lee, a portfolio manager of National
Investment Trust.
AU and Chi Mei, which had combined sales of about T$30
billion in November, are facing a global economic slowdown that
has hurt spending on computers and flat-screen TVs that use LCD
panels.
Market research firm DisplaySearch said worldwide revenues
for liquid crystal display (LCD) TVs are expected to fall for the
first time since the category was launched due to the economic
downturn. [ID:nSEO269024]
Taiwan Semiconductor Manufacturing Co (TSMC)
Friday, December 19, 2008
twd 1219
17:07 19Dec2008 RTRS-Taiwan dlr off 2-mth high on US dlr strength
(Updates to close)
TAIPEI, Dec 19 (Reuters) - The Taiwan dollar softened on Friday, weighed by a rebound in the U.S. dollar globally and selling by foreign investors, as investors locked in profits after the local currency rose sharply in previous sessions.
The Taiwan dollar ended at T$32.53 to the U.S. dollar, ending strong gains in the previous four sessions that pushed the local currency to a two-month high. It finished at T$32.471 a day earlier.
Volume on the main Taipei Forex Inc exchange was light at $745 million, sharply lower than Thursday's $1.713 billion.
"The U.S. dollar bounced, pressuring some Asian currencies lower, such as the Singapore dollar," said a dealer in Taipei.
The dealer said the Taiwan dollar would not keep rising due to a weak local economy but might rebound in the short term as the U.S. dollar continued weakening. What the central bank would do would be key to the currency's movement, she added.
Taiwan's central bank keeps the Taiwan dollar in a managed float and usually buys and sells U.S. dollars in the market to curb huge swings in the local currency.
"Some investors were taking profits in the non-deliverable forwards market. Foreign investors also sold the Taiwan dollar," said another dealer at a local bank.
In the non-deliverable forwards market, six-month NDFs were quoted at -0.370/-0.320, versus than -0.380/-0.330 in the previous session, implying the Taiwan dollar will likely gain by a lesser degree in the next six months.
Although the Taiwan dollar weakened on Friday, it has climbed 2.4 percent this week after the U.S. Federal Reserve slashed rates to as low as zero, sparking worries the stronger Taiwan dollar would hurt exporter competitiveness in the current global downturn.
On the smaller Cosmos exchange, the Taiwan dollar weakened to T$32.523 from the previous close of T$32.461.
(Reporting by Yvette Chen and Gina Chang; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 19 December 2008 17:07:48RTRS [nTP298172] {EN}ENDS
(Updates to close)
TAIPEI, Dec 19 (Reuters) - The Taiwan dollar softened on Friday, weighed by a rebound in the U.S. dollar globally and selling by foreign investors, as investors locked in profits after the local currency rose sharply in previous sessions.
The Taiwan dollar
Volume on the main Taipei Forex Inc exchange was light at $745 million, sharply lower than Thursday's $1.713 billion.
"The U.S. dollar bounced, pressuring some Asian currencies lower, such as the Singapore dollar
The dealer said the Taiwan dollar would not keep rising due to a weak local economy but might rebound in the short term as the U.S. dollar continued weakening. What the central bank would do would be key to the currency's movement, she added.
Taiwan's central bank keeps the Taiwan dollar in a managed float and usually buys and sells U.S. dollars in the market to curb huge swings in the local currency.
"Some investors were taking profits in the non-deliverable forwards market. Foreign investors also sold the Taiwan dollar," said another dealer at a local bank.
In the non-deliverable forwards market, six-month NDFs were quoted at -0.370/-0.320, versus than -0.380/-0.330 in the previous session, implying the Taiwan dollar will likely gain by a lesser degree in the next six months.
Although the Taiwan dollar weakened on Friday, it has climbed 2.4 percent this week after the U.S. Federal Reserve slashed rates to as low as zero, sparking worries the stronger Taiwan dollar would hurt exporter competitiveness in the current global downturn.
On the smaller Cosmos exchange
(Reporting by Yvette Chen and Gina Chang; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 19 December 2008 17:07:48RTRS [nTP298172] {EN}ENDS
Thursday, December 18, 2008
twn stocks 1219
14:32 19Dec2008 RTRS-Taiwan stocks end flat on new rules; DRAM makers up
* Wall St fall, new accounting rule weigh on TAIEX
* Top 3 DRAM shares jump on report of rebound in chip prices
* Construction, LCD shares sink
(Adds details and quote)
By Gina Chang
TAIPEI, Dec 19 (Reuters) - Taiwan stocks ended flat on Friday
as Wall Street losses and a new local accounting rule hurt
sentiment, offsetting strong gains in DRAM makers like Powerchip
<5346.TWO> due to rebounding chip prices.
The main TAIEX share index <.TWII> inched down 0.01 percent,
or 0.29 points, to close at 4,694.52, ending a four-session
winning streak and curbing the week's gain to 5 percent.
Turnover was T$70.7 billion ($2.2 billion), higher than
T$62.1 billion in the previous session.
Taiwan's top financial regulator said on Thursday a stricter
accounting rule to tighten the booking of inventories, which
investors anticipated would be put off beyond 2009, would come
into effect next year. [ID:nTP257808]
Some analysts said the new rule could hurt corporate earnings
in the current economic slowdown, while about two-thirds of
Taiwan's listed companies surveyed by the financial regulator
said the new rule would not affect them significantly.
"Shares of some traditional manufacturing companies and tech
companies that have high inventories were affected by the rule,"
said Eddy Chen, vice president of National Investment Trust.
The construction sub-index <.TCOI>, the biggest drag on the
market, shed 3.54 percent, with Cathay Real Estate <2501.TW>
dropping 3.33 percent. The cement sub-index <.TCII>, another
sector where companies have higher stockpiles, fell 2.27 percent.
LCD shares also bore the brunt, with AU Optronics <2409.TW>,
the island's top flat panel maker, sliding 3.74 percent. Its
smaller rival Chi Mei <3009.TW> was 0.98 percent lower.
One bright spot was DRAM shares, which got a boost from a
local newspaper report on Friday that spot prices of mainstream
DRAM chips surged more than 18 percent on Thursday following
recent production cuts by major players.
Shares of Powerchip Semiconductor, Taiwan's top DRAM maker,
and smaller rivals Nanya Technology <2408.TW> and ProMOS
<5387.TWO> all surged by their daily 7 percent limit.
The electronics sub-index <.TELI> gained 0.16 percent.
Hynix Semiconductor <000660.KS>, the world's No. 2 memory
chip maker, said on Thursday it was planning to cut its
production of computer memory chips by 20 to 30 percent starting
in late December. [ID:nSEO247756]
Nanya Tech is evaluating plans to ask for government
assistance as its net value could fall below T$5 per share by the
end of this year or in 2009, another local newspaper said on
Friday.
"DRAM stocks' rebound will be short-lived. The sector is in
very bad shape and there is no sign that these companies are
coming out from the bottom," said Chen.
The recent gain in the Taiwan dollar also provided support to
stocks. The Taiwan dollar ended at a two-month high on Thursday
before easing slightly on Friday.
"The Taiwan dollar has been rising recently and it's positive
for the market because more foreign investors will enter," said
Kevin Yang, president of Paradigm Asset Management.
Foreign institutions were net buyers of local shares for the
past four sessions, taking the month's net buying to T$24 billion
so far.
HOT STOCKS
-- Smartphone maker HTC Corp <2498.TW> fell 1.29 percent
despite a newspaper report saying the firm aims to sell about 2
million mobile phones in the Asia Pacific area this year and the
sale target could hit about 2.5 million units next year.
---------------------TAIEX IN PERSPECTIVE--------------------
Move on day -0.01 percent
Close on day 4,694.52
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
-------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$32.5)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreute
* Wall St fall, new accounting rule weigh on TAIEX
* Top 3 DRAM shares jump on report of rebound in chip prices
* Construction, LCD shares sink
(Adds details and quote)
By Gina Chang
TAIPEI, Dec 19 (Reuters) - Taiwan stocks ended flat on Friday
as Wall Street losses and a new local accounting rule hurt
sentiment, offsetting strong gains in DRAM makers like Powerchip
<5346.TWO> due to rebounding chip prices.
The main TAIEX share index <.TWII> inched down 0.01 percent,
or 0.29 points, to close at 4,694.52, ending a four-session
winning streak and curbing the week's gain to 5 percent.
Turnover was T$70.7 billion ($2.2 billion), higher than
T$62.1 billion in the previous session.
Taiwan's top financial regulator said on Thursday a stricter
accounting rule to tighten the booking of inventories, which
investors anticipated would be put off beyond 2009, would come
into effect next year. [ID:nTP257808]
Some analysts said the new rule could hurt corporate earnings
in the current economic slowdown, while about two-thirds of
Taiwan's listed companies surveyed by the financial regulator
said the new rule would not affect them significantly.
"Shares of some traditional manufacturing companies and tech
companies that have high inventories were affected by the rule,"
said Eddy Chen, vice president of National Investment Trust.
The construction sub-index <.TCOI>, the biggest drag on the
market, shed 3.54 percent, with Cathay Real Estate <2501.TW>
dropping 3.33 percent. The cement sub-index <.TCII>, another
sector where companies have higher stockpiles, fell 2.27 percent.
LCD shares also bore the brunt, with AU Optronics <2409.TW>,
the island's top flat panel maker, sliding 3.74 percent. Its
smaller rival Chi Mei <3009.TW> was 0.98 percent lower.
One bright spot was DRAM shares, which got a boost from a
local newspaper report on Friday that spot prices of mainstream
DRAM chips surged more than 18 percent on Thursday following
recent production cuts by major players.
Shares of Powerchip Semiconductor, Taiwan's top DRAM maker,
and smaller rivals Nanya Technology <2408.TW> and ProMOS
<5387.TWO> all surged by their daily 7 percent limit.
The electronics sub-index <.TELI> gained 0.16 percent.
Hynix Semiconductor <000660.KS>, the world's No. 2 memory
chip maker, said on Thursday it was planning to cut its
production of computer memory chips by 20 to 30 percent starting
in late December. [ID:nSEO247756]
Nanya Tech is evaluating plans to ask for government
assistance as its net value could fall below T$5 per share by the
end of this year or in 2009, another local newspaper said on
Friday.
"DRAM stocks' rebound will be short-lived. The sector is in
very bad shape and there is no sign that these companies are
coming out from the bottom," said Chen.
The recent gain in the Taiwan dollar also provided support to
stocks. The Taiwan dollar ended at a two-month high on Thursday
before easing slightly on Friday.
"The Taiwan dollar has been rising recently and it's positive
for the market because more foreign investors will enter," said
Kevin Yang, president of Paradigm Asset Management.
Foreign institutions were net buyers of local shares for the
past four sessions, taking the month's net buying to T$24 billion
so far.
HOT STOCKS
-- Smartphone maker HTC Corp <2498.TW> fell 1.29 percent
despite a newspaper report saying the firm aims to sell about 2
million mobile phones in the Asia Pacific area this year and the
sale target could hit about 2.5 million units next year.
---------------------TAIEX IN PERSPECTIVE--------------------
Move on day -0.01 percent
Close on day 4,694.52
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
-------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$32.5)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreute
Wednesday, December 17, 2008
tw stock 1218
17:05 18Dec2008 RTRS-Taiwan dlr hit 2-mth high on low US interest rates
(Updates to close)
TAIPEI, Dec 18 (Reuters) - The Taiwan dollar shot up to its highest close in two months on Thursday as investors unloaded U.S. dollars and turned to higher yielding currencies after the Fed slashed rates.
The Taiwan dollar hit a high of T$32.432 against the U.S. dollar after the noon break, a level not seen since Oct. 16, though some U.S. dollar buying central bank intervention curbed it from rising further.
It gave up some gains to end at T$32.471, its highest close since Oct. 15, higher than Wednesday's finish of T$32.720.
Volume on the main Taipei Forex Inc exchange was heavy at $1.713 billion, but lower than $2.031 billion a day earlier.
"The central bank intervened, but not very actively because the U.S. dollar is very weak now," said a dealer at a local bank.
The U.S. dollar dropped to a 2-½ month low against the euro on Thursday after the Federal Reserve's dramatic interest rate cut further eroded the greenback's relative yield appeal. [ID:nT211890]
Taiwan's central bank stepped in to prevent the Taiwan dollar from rising steeply as it prefers a relatively weak local currency to support the island's sagging exports.
"There were a lot of foreign fund inflows because the stock market has been gaining recently," the dealer said.
Foreign institutions continued net buying of Taiwan shares for a fourth day of T$2 billion ($62 million) on Thursday, after domestic stocks <.TWII> closed up 1 percent, rising for a fourth session.
Exporters' deals also added support to the Taiwan dollar. Exporters need to convert their U.S. dollar earnings into the local currency at the end of the month and year to meet their cash needs.
Although the Taiwan dollar jumped on Thursday, it is still 8 percent lower since hitting a 10-1/2-year high in late March, when anticipation of improving ties with China boosted sentiment.
Dealers said the Taiwan dollar could continue its rise and gain to as high as T$32.0 by the end of the year, but the central bank's attitude would be key to its future movement.
On the smaller Cosmos exchange, the Taiwan dollar rose to T$32.461 to the U.S. dollar from the previous close of T$32.663.
(Reporting by Yvette Chen and Gina Chang; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
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Thursday, 18 December 2008 17:05:18RTRS [nTP213314] {EN}ENDS
(Updates to close)
TAIPEI, Dec 18 (Reuters) - The Taiwan dollar shot up to its highest close in two months on Thursday as investors unloaded U.S. dollars and turned to higher yielding currencies after the Fed slashed rates.
The Taiwan dollar
It gave up some gains to end at T$32.471, its highest close since Oct. 15, higher than Wednesday's finish of T$32.720.
Volume on the main Taipei Forex Inc exchange was heavy at $1.713 billion, but lower than $2.031 billion a day earlier.
"The central bank intervened, but not very actively because the U.S. dollar is very weak now," said a dealer at a local bank.
The U.S. dollar dropped to a 2-½ month low against the euro
Taiwan's central bank stepped in to prevent the Taiwan dollar from rising steeply as it prefers a relatively weak local currency to support the island's sagging exports.
"There were a lot of foreign fund inflows because the stock market has been gaining recently," the dealer said.
Foreign institutions continued net buying of Taiwan shares for a fourth day of T$2 billion ($62 million) on Thursday, after domestic stocks <.TWII> closed up 1 percent, rising for a fourth session.
Exporters' deals also added support to the Taiwan dollar. Exporters need to convert their U.S. dollar earnings into the local currency at the end of the month and year to meet their cash needs.
Although the Taiwan dollar jumped on Thursday, it is still 8 percent lower since hitting a 10-1/2-year high in late March, when anticipation of improving ties with China boosted sentiment.
Dealers said the Taiwan dollar could continue its rise and gain to as high as T$32.0 by the end of the year, but the central bank's attitude would be key to its future movement.
On the smaller Cosmos exchange
(Reporting by Yvette Chen and Gina Chang; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
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Thursday, 18 December 2008 17:05:18RTRS [nTP213314] {EN}ENDS
Monday, December 15, 2008
tw stock 1216
18:03 17Dec2008 RTRS-Taiwan dlr logs largest gain in 1-½ mths on Fed
(Adds central bank's comments in paragraph 4-5)
TAIPEI, Dec 17 (Reuters) - The Taiwan dollar posted its biggest gain in 1-½ months to end at an eight-week high after the U.S. Federal Reserve cut interest rates to as low as zero, making the U.S. currency less attractive.
The Taiwan dollar, which strengthened for a third session, shot up as high as T$32.662 to the U.S. dollar just before the close, its highest level since Oct. 31.
It gave up some gains to end at T$32.720, its strongest finish since Oct. 21 and largest one-day percentage jump since Oct. 30. The Taiwan dollar finished at T$33.030 on Tuesday.
"The Taiwan dollar is relatively stable," the central bank said in a brief statement after the market closed.
It listed movements in global currencies on the day, which showed that the New Zealand dollar rose 4.4 percent, the Australian dollar gained 4.1 percent, while the Taiwan dollar firmed by nearly 1 percent and the Malaysian ringgit climbed 0.6 percent.
Volume on the Taipei Forex Inc. exchange was heavy at $2.031 billion, sharply higher than $1.492 billion a day earlier.
"Everyone was selling the U.S. dollar, including foreign investors, interbank dealers and exporters," said a dealer at a local bank.
The U.S. dollar dipped towards 13-year lows against the yen and hit 2-1/2-month lows versus the euro on Wednesday after the Federal Reserve slashed interest rates and pledged to use "all available tools" to turn back a deepening recession. [ID:nT224044]
Taiwan's benchmark discount rate is now at 2.0 percent, while U.S. interest rates are nearly zero, making assets denominated in the U.S. currency less attractive.
"The local currency will likely keep its upward momentum as exporters' demand increases near the end of the year," the dealer said.
"But we'll still keep an eye on the movement of local and global stock markets. We'll also watch if Taiwan's central bank follows the United States to cut rates," he said, adding the local currency will likely strengthen to as much as T$32.5 in the near term.
Exporters, which prefer a weaker Taiwan dollar so they can convert their U.S. dollar earnings to more of the local currency, bought the Taiwan dollar as some of them expected it to rise further.
Despite the day's rally, the Taiwan dollar has fallen 9 percent since hitting a 10-1/2-year high in late March when investors bet on closer ties with China. Since the beginning of the year, it has lost nearly 1 percent.
In the non-deliverable forwards market, six-month NDFs widened to -0.430/-0.390 from -0.370/-0.300 in the previous session, indicating investors saw the Taiwan dollar strengthening more in half a year.
On the smaller Cosmos exchange, the Taiwan dollar rose to T$32.663 to the U.S. dollar from the previous close of T$33.002.
14:28 17Dec2008 RTRS-Taiwan stocks at 1-week closing high, UMC surges
* Market hits 1-week closing high helped by U.S. gains
* UMC limit-up after share buyback announcement
* DRAM stocks rally on government support
(Adds details and quote)
Gina Chang
TAIPEI, Dec 17 (Reuters) - Taiwan stocks ended up 0.67
percent at a one-week high on Wednesday, with UMC <2303.TW>
leading the rise after announcing a share repurchase programme
and DRAM shares jumping on hopes of a government rescue.
The main TAIEX share index <.TWII> closed 31.13 points higher
at 4,648.02, its strongest finish since Dec. 11, following a
rally on Wall Street that saw the Nasdaq <.IXIC> jump 5.4
percent.
Turnover was active at T$94.5 billion ($2.9 billion), rising
from Tuesday's T$58.4 billion.
United Microelectronics Corp, the world's No.2 contract chip
maker, jumped by its daily 7 percent maximum after the company
said it would buy back 300 million shares to give to employees.
[ID:nTP43619]
DRAM shares also rallied, with analysts saying the worst
period for memory chip makers had passed after Taiwan's
government pledged on Tuesday to support the local industry by
helping it to develop more technology. [ID:nTP199281]
"The government must help DRAM firms or they'll definitely
fail," said Eddy Chen, vice president of National Investment
Trust Co Ltd.
"But it's hard to say how long the government would be able
to support DRAM makers. These companies need to do something to
help themselves, such as improving long-term competitiveness."
Taiwan's top DRAM maker Powerchip <5346.TWO> gained 1.93
percent and smaller rival Nanya Technology <2408.TW> jumped 3.9
percent. ProMOS <5387.TWO> ended limit-up.
The semiconductor sub-index <.TSII> was up 2.43 percent,
while the electronics sub-index <.TELI> rose 0.87 percent.
The financial sub-index <.TFNI> advanced 0.36 percent, lifted
by Cathay Financial <2882.TW>, the island's largest financial
holding firm, which climbed 1.54 percent.
The moves followed a broader rally for financial shares
globally, after the U.S. Federal Reserve chopped its benchmark
interest rates to as low as zero and pledged to use all available
tools to turn back a deepening recession. [ID:nLG10118]
"The interest rate cut by Federal Reserve boosted stock
markets worldwide, but gains were capped as investors turned
cautious over the weak global economy," said Chen.
"Taiwan's central bank might follow suit and further lower
interest rates around January as cash demand rises near the
Chinese new year."
HOT STOCKS
-- Taiwan's top chip designer Mediatek Inc <2454.TW>, the
most active share by turnover, rose 1.1 percent.
Mediatek said it was unaware of attempts by China Telecom
<0728.HK> to buy a stake in the company, amid reports the Chinese
operator may be interested in a tie-up or acquisition.
[ID:nTP215476]
-- Fubon Financial <2881.TW> ended 0.66 percent lower after
Standard & Poor's Ratings Services saw a negative outlook for the
firm's insurance unit. [ID:nWLA3660]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 0.67 percent
Close on day 4,648.02
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$32.7)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar LME price overview
TAIWAN MARKET:
Taiwan equity mkt TAIEX <.TWII><.TV.TW>
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 17 December 2008 14:28:42RTRS [nTP208116] {EN}ENDS
(Adds central bank's comments in paragraph 4-5)
TAIPEI, Dec 17 (Reuters) - The Taiwan dollar posted its biggest gain in 1-½ months to end at an eight-week high after the U.S. Federal Reserve cut interest rates to as low as zero, making the U.S. currency less attractive.
The Taiwan dollar
It gave up some gains to end at T$32.720, its strongest finish since Oct. 21 and largest one-day percentage jump since Oct. 30. The Taiwan dollar finished at T$33.030 on Tuesday.
"The Taiwan dollar is relatively stable," the central bank said in a brief statement after the market closed.
It listed movements in global currencies on the day, which showed that the New Zealand dollar
Volume on the Taipei Forex Inc. exchange was heavy at $2.031 billion, sharply higher than $1.492 billion a day earlier.
"Everyone was selling the U.S. dollar, including foreign investors, interbank dealers and exporters," said a dealer at a local bank.
The U.S. dollar dipped towards 13-year lows against the yen
Taiwan's benchmark discount rate is now at 2.0 percent, while U.S. interest rates are nearly zero, making assets denominated in the U.S. currency less attractive.
"The local currency will likely keep its upward momentum as exporters' demand increases near the end of the year," the dealer said.
"But we'll still keep an eye on the movement of local and global stock markets. We'll also watch if Taiwan's central bank follows the United States to cut rates," he said, adding the local currency will likely strengthen to as much as T$32.5 in the near term.
Exporters, which prefer a weaker Taiwan dollar so they can convert their U.S. dollar earnings to more of the local currency, bought the Taiwan dollar as some of them expected it to rise further.
Despite the day's rally, the Taiwan dollar has fallen 9 percent since hitting a 10-1/2-year high in late March when investors bet on closer ties with China. Since the beginning of the year, it has lost nearly 1 percent.
In the non-deliverable forwards market, six-month NDFs widened to -0.430/-0.390 from -0.370/-0.300 in the previous session, indicating investors saw the Taiwan dollar strengthening more in half a year.
On the smaller Cosmos exchange
14:28 17Dec2008 RTRS-Taiwan stocks at 1-week closing high, UMC surges
* Market hits 1-week closing high helped by U.S. gains
* UMC limit-up after share buyback announcement
* DRAM stocks rally on government support
(Adds details and quote)
Gina Chang
TAIPEI, Dec 17 (Reuters) - Taiwan stocks ended up 0.67
percent at a one-week high on Wednesday, with UMC <2303.TW>
leading the rise after announcing a share repurchase programme
and DRAM shares jumping on hopes of a government rescue.
The main TAIEX share index <.TWII> closed 31.13 points higher
at 4,648.02, its strongest finish since Dec. 11, following a
rally on Wall Street that saw the Nasdaq <.IXIC> jump 5.4
percent.
Turnover was active at T$94.5 billion ($2.9 billion), rising
from Tuesday's T$58.4 billion.
United Microelectronics Corp, the world's No.2 contract chip
maker, jumped by its daily 7 percent maximum after the company
said it would buy back 300 million shares to give to employees.
[ID:nTP43619]
DRAM shares also rallied, with analysts saying the worst
period for memory chip makers had passed after Taiwan's
government pledged on Tuesday to support the local industry by
helping it to develop more technology. [ID:nTP199281]
"The government must help DRAM firms or they'll definitely
fail," said Eddy Chen, vice president of National Investment
Trust Co Ltd.
"But it's hard to say how long the government would be able
to support DRAM makers. These companies need to do something to
help themselves, such as improving long-term competitiveness."
Taiwan's top DRAM maker Powerchip <5346.TWO> gained 1.93
percent and smaller rival Nanya Technology <2408.TW> jumped 3.9
percent. ProMOS <5387.TWO> ended limit-up.
The semiconductor sub-index <.TSII> was up 2.43 percent,
while the electronics sub-index <.TELI> rose 0.87 percent.
The financial sub-index <.TFNI> advanced 0.36 percent, lifted
by Cathay Financial <2882.TW>, the island's largest financial
holding firm, which climbed 1.54 percent.
The moves followed a broader rally for financial shares
globally, after the U.S. Federal Reserve chopped its benchmark
interest rates to as low as zero and pledged to use all available
tools to turn back a deepening recession. [ID:nLG10118]
"The interest rate cut by Federal Reserve boosted stock
markets worldwide, but gains were capped as investors turned
cautious over the weak global economy," said Chen.
"Taiwan's central bank might follow suit and further lower
interest rates around January as cash demand rises near the
Chinese new year."
HOT STOCKS
-- Taiwan's top chip designer Mediatek Inc <2454.TW>, the
most active share by turnover, rose 1.1 percent.
Mediatek said it was unaware of attempts by China Telecom
<0728.HK> to buy a stake in the company, amid reports the Chinese
operator may be interested in a tie-up or acquisition.
[ID:nTP215476]
-- Fubon Financial <2881.TW> ended 0.66 percent lower after
Standard & Poor's Ratings Services saw a negative outlook for the
firm's insurance unit. [ID:nWLA3660]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 0.67 percent
Close on day 4,648.02
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$32.7)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar
TAIWAN MARKET:
Taiwan equity mkt
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 17 December 2008 14:28:42RTRS [nTP208116] {EN}ENDS
tw stock 1215
14:15 15Dec2008 RTRS-Taiwan stocks rise on cross-strait links, US gains
* Tech shares track Wall St rise, hopes of auto bailout
* Transport, tourism shares surge on launch of direct links
* Powerchip rises after plans for state assistance
* Financial shares up on hopes of cross-strait MOU
(Updates quote, details)
Gina Chang
TAIPEI, Dec 15 (Reuters) - Taiwan stocks ended up 2.96 percent
on Monday, with shares of export-oriented technology firms such
as TSMC <2330.TW> rising on renewed hopes the U.S. auto industry
would be bailed out.
Transport and tourism shares also propped up the market, as
Taiwan and China launched their first direct cargo links in six
decades.
The TAIEX share index <.TWII> ended up 132.45 points at
4,613.72, bouncing back from a 3.74 percent fall in the previous
session.
Turnover was at T$71.1 billion ($2.1 billion), lower than
T$90.2 billion in the previous session.
"The market was boosted by Wall Street gains. Investors were
anticipating a bailout for the U.S. auto makers," said Wang
Kao-hsiung, a vice president of KGI Securities.
The electronics sub-index <.TELI> advanced 3.73 percent,
tracking gains on Wall Street and in other Asian peers on
expectations of a U.S. auto bailout.
Taiwan Semiconductor Manufacturing Co (TSMC), the
world's top contract chip maker, jumped 3.95 percent.
Smartphone maker HTC Corp <2498.TW> and chip designer
Mediatek <2454.TW> both surged by their daily 7 percent limit.
The transport sub-index <.TTPI> yielded some strong gains in
early trade and rose 2.56 percent, after China and Taiwan
launched daily flights, new shipping routes and postal links on
Monday in a further thaw of once icy relations between the two
rivals. [ID:nTP350629]
"Gains in transportation stocks were not as strong as we
expected, possibly because the launch of direct cross-Strait
links has been factored in," said KGI's Wang.
"Now investors will wait and see the actual effect of the
cross-Strait links," he said, adding he expected the market to
trade between 4,400-4,650 points this week.
Shares of top shipping companies Evergreen Marine <2603.TW>
and Yang Ming <2609.TW> were up 0.63 percent and 1.83 percent,
respectively.
The tourism sub-index <.THOI> gained 0.97 percent, with
Formosa Regent <2707.TW>, a major hotel chain operator, rising
3.27 percent.
The financial sub-index <.TFNI> climbed 3.61 percent,
boosted by a newspaper report on Monday that stock exchange
chairman Schive Chi will travel to China later this month to
visit the Shanghai stock exchange where he will discuss details
of a future memorandum of understanding (MOU).
The market will also watch closely as media reported that the
National Stabilization Fund will meet later on Monday to
determine whether or not to extend by a month its activity in the
market, set to expire this week.
"I don't think the fund will continue its activity especially
as the market surged today. Besides, government funds can hardly
support the market, which mainly moves on the outlook of the
economy," said Michael On, a managing director of Beyond Asset
Management.
HOT STOCKS:
-- DRAM maker Powerchip <5346.TWO> rose 4.29 percent after
the company and its Japanese partner Elpida Memory Inc <6665.T>
said they were considering selling stakes in their Taiwanese
joint venture and asking for state aid as the DRAM industry
crumbles. [ID:nT115330]
-- Mega Financial <2886.TW>, Taiwan's No.2 state-controlled
financial holding firm, ended up 5.12 percent. Smaller rival
Taiwan Business Bank <2834.TW> jumped 3.4 percent.
Mega is considering reviving its plan to acquire Taiwan
Business Bank, a finance ministry
* Tech shares track Wall St rise, hopes of auto bailout
* Transport, tourism shares surge on launch of direct links
* Powerchip rises after plans for state assistance
* Financial shares up on hopes of cross-strait MOU
(Updates quote, details)
Gina Chang
TAIPEI, Dec 15 (Reuters) - Taiwan stocks ended up 2.96 percent
on Monday, with shares of export-oriented technology firms such
as TSMC <2330.TW> rising on renewed hopes the U.S. auto industry
would be bailed out.
Transport and tourism shares also propped up the market, as
Taiwan and China launched their first direct cargo links in six
decades.
The TAIEX share index <.TWII> ended up 132.45 points at
4,613.72, bouncing back from a 3.74 percent fall in the previous
session.
Turnover was at T$71.1 billion ($2.1 billion), lower than
T$90.2 billion in the previous session.
"The market was boosted by Wall Street gains. Investors were
anticipating a bailout for the U.S. auto makers," said Wang
Kao-hsiung, a vice president of KGI Securities.
The electronics sub-index <.TELI> advanced 3.73 percent,
tracking gains on Wall Street and in other Asian peers on
expectations of a U.S. auto bailout.
Taiwan Semiconductor Manufacturing Co (TSMC)
world's top contract chip maker, jumped 3.95 percent.
Smartphone maker HTC Corp <2498.TW> and chip designer
Mediatek <2454.TW> both surged by their daily 7 percent limit.
The transport sub-index <.TTPI> yielded some strong gains in
early trade and rose 2.56 percent, after China and Taiwan
launched daily flights, new shipping routes and postal links on
Monday in a further thaw of once icy relations between the two
rivals. [ID:nTP350629]
"Gains in transportation stocks were not as strong as we
expected, possibly because the launch of direct cross-Strait
links has been factored in," said KGI's Wang.
"Now investors will wait and see the actual effect of the
cross-Strait links," he said, adding he expected the market to
trade between 4,400-4,650 points this week.
Shares of top shipping companies Evergreen Marine <2603.TW>
and Yang Ming <2609.TW> were up 0.63 percent and 1.83 percent,
respectively.
The tourism sub-index <.THOI> gained 0.97 percent, with
Formosa Regent <2707.TW>, a major hotel chain operator, rising
3.27 percent.
The financial sub-index <.TFNI> climbed 3.61 percent,
boosted by a newspaper report on Monday that stock exchange
chairman Schive Chi will travel to China later this month to
visit the Shanghai stock exchange where he will discuss details
of a future memorandum of understanding (MOU).
The market will also watch closely as media reported that the
National Stabilization Fund will meet later on Monday to
determine whether or not to extend by a month its activity in the
market, set to expire this week.
"I don't think the fund will continue its activity especially
as the market surged today. Besides, government funds can hardly
support the market, which mainly moves on the outlook of the
economy," said Michael On, a managing director of Beyond Asset
Management.
HOT STOCKS:
-- DRAM maker Powerchip <5346.TWO> rose 4.29 percent after
the company and its Japanese partner Elpida Memory Inc <6665.T>
said they were considering selling stakes in their Taiwanese
joint venture and asking for state aid as the DRAM industry
crumbles. [ID:nT115330]
-- Mega Financial <2886.TW>, Taiwan's No.2 state-controlled
financial holding firm, ended up 5.12 percent. Smaller rival
Taiwan Business Bank <2834.TW> jumped 3.4 percent.
Mega is considering reviving its plan to acquire Taiwan
Business Bank, a finance ministry
TWD 1215
16:42 15Dec2008 RTRS-Taiwan dlr at one-mth high on China transport ties
(Updates to close)
TAIPEI, Dec 15 (Reuters) - The Taiwan dollar ended at a one-month closing high on Monday, as the launch of direct transport links between Taiwan and China boosted sentiment in financial markets.
The Taiwan dollar finished at T$33.199 to the U.S. dollar, its strongest close since Nov. 17, up from Friday's finish of T$33.315.
Volume on the Taipei Forex Inc. exchange was light at $763 million, lower than $995 in the previous session.
The Taiwan dollar tracked strong gains in the stock market, which was buoyed as China and Taiwan launched landmark daily flights, new shipping routes and postal links on Monday.
"If the stock market continued to move steadily, the local currency will likely trend higher in the short term and test as high as T$33.00," said a dealer in Taipei.
"There were some foreign fund inflows, but the amount was not particularly large," he said.
Taiwan stocks <.TWII> ended 2.96 percent higher, with foreign institutions buying T$6 billion ($181 million) worth of local shares, bringing their net buying to T$10.7 billion so far this month.
Exporters' deals added further support to the local currency. Exporters, which prefer a weaker Taiwan dollar so they can convert their U.S. dollar earnings to more of the local currency, bought the Taiwan dollar before it rose too much.
"The central bank intervened in early trade, but was not seen in late trading, triggering more incentive to buy the Taiwan dollar," the dealer said.
The central bank, which slashed interest rates last week, prefers the Taiwan dollar to be relatively weak since the island's exports have been slumping. A weaker Taiwan dollar will help make Taiwan's exports more attractive.
In the non-deliverable forwards market, six-month NDFs widened to -0.300/-0.240 from -0.120/-0.060 in the previous session, indicating the Taiwan dollar will probably strengthen more than previous expectations.
On the smaller Cosmos exchange, the Taiwan dollar rose to T$33.195 to the U.S. dollar from Friday's close of T$33.308.
(Reporting by Gina Chang and Yvette Chen; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
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Monday, 15 December 2008 16:42:42RTRS [nTP163142] {EN}ENDS
(Updates to close)
TAIPEI, Dec 15 (Reuters) - The Taiwan dollar ended at a one-month closing high on Monday, as the launch of direct transport links between Taiwan and China boosted sentiment in financial markets.
The Taiwan dollar
Volume on the Taipei Forex Inc. exchange was light at $763 million, lower than $995 in the previous session.
The Taiwan dollar tracked strong gains in the stock market, which was buoyed as China and Taiwan launched landmark daily flights, new shipping routes and postal links on Monday.
"If the stock market continued to move steadily, the local currency will likely trend higher in the short term and test as high as T$33.00," said a dealer in Taipei.
"There were some foreign fund inflows, but the amount was not particularly large," he said.
Taiwan stocks <.TWII> ended 2.96 percent higher, with foreign institutions buying T$6 billion ($181 million) worth of local shares, bringing their net buying to T$10.7 billion so far this month.
Exporters' deals added further support to the local currency. Exporters, which prefer a weaker Taiwan dollar so they can convert their U.S. dollar earnings to more of the local currency, bought the Taiwan dollar before it rose too much.
"The central bank intervened in early trade, but was not seen in late trading, triggering more incentive to buy the Taiwan dollar," the dealer said.
The central bank, which slashed interest rates last week, prefers the Taiwan dollar to be relatively weak since the island's exports have been slumping. A weaker Taiwan dollar will help make Taiwan's exports more attractive.
In the non-deliverable forwards market, six-month NDFs widened to -0.300/-0.240 from -0.120/-0.060 in the previous session, indicating the Taiwan dollar will probably strengthen more than previous expectations.
On the smaller Cosmos exchange
(Reporting by Gina Chang and Yvette Chen; Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:gina.chang.thomsonreuters.come@reuters.com)) Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
[M] [T] [Z] [MF] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [FRX] [EMRG] [LEN] [RTRS] [TWD/] [TWD=TP]
For Relevant Price Information, Double Click on one of these codes:
Monday, 15 December 2008 16:42:42RTRS [nTP163142] {EN}ENDS
Friday, December 12, 2008
twd 1212
16:39 12Dec2008 RTRS-Taiwan dollar off 2-week high on failed auto bailout
(Updates with close)
TAIPEI, Dec 12 (Reuters) - The Taiwan dollar pulled back from its two-week high on Friday on foreign fund outflows, as fears of a worsening economy returned to haunt investors after a bailout package for the U.S. auto sector stalled.
The Taiwan dollar had risen to as high as T$33.209 to the U.S. doillar, its strongest intraday level since Nov. 27, after the central bank's biggest rate cut in 26 years raised hopes that the economy might improve.
It later reversed those gains to close at T$33.315, lower than Thursday's close of T$33.309.
Volume on the Taipei Forex Inc. exchange was moderate at $995 million, higher than Thursday's $972 million.
"The Taiwan dollar was rising all morning, but when news on the auto bailout failure was released, everything just went downhill from there," said a dealer in Taipei.
Foreign institutions were net sellers of Taiwan stocks for the first time in five sessions, unloading T$4.558 billion ($137 million) worth of shares on Friday.
Taiwan stocks posted their biggest slide in three weeks on Friday, led by a sell-off in heavyweight shares.
Dealers said exporters were also scouring the market for much of the day, looking for deals before the expected low volumes ahead of the Christmas season, which could push up the local currency in the absence of U.S. dollar buyers.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.120/-0.060 compared to Thursday's -0.260/-0.220, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange, the Taiwan dollar fell to T$33.308 from Thursday's close of T$33.294.
(Reporting by Kelvin Soh and Yvette Chen; Editing by Nick Macfie)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 12 December 2008 16:39:04RTRS [nTP126520] {EN}ENDS
(Updates with close)
TAIPEI, Dec 12 (Reuters) - The Taiwan dollar pulled back from its two-week high on Friday on foreign fund outflows, as fears of a worsening economy returned to haunt investors after a bailout package for the U.S. auto sector stalled.
The Taiwan dollar had risen to as high as T$33.209 to the U.S. doillar, its strongest intraday level since Nov. 27, after the central bank's biggest rate cut in 26 years raised hopes that the economy might improve.
It later reversed those gains to close at T$33.315, lower than Thursday's close of T$33.309.
Volume on the Taipei Forex Inc. exchange was moderate at $995 million, higher than Thursday's $972 million.
"The Taiwan dollar was rising all morning, but when news on the auto bailout failure was released, everything just went downhill from there," said a dealer in Taipei.
Foreign institutions were net sellers of Taiwan stocks for the first time in five sessions, unloading T$4.558 billion ($137 million) worth of shares on Friday.
Taiwan stocks posted their biggest slide in three weeks on Friday, led by a sell-off in heavyweight shares.
Dealers said exporters were also scouring the market for much of the day, looking for deals before the expected low volumes ahead of the Christmas season, which could push up the local currency in the absence of U.S. dollar buyers.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.120/-0.060 compared to Thursday's -0.260/-0.220, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen; Editing by Nick Macfie)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 12 December 2008 16:39:04RTRS [nTP126520] {EN}ENDS
twd 1212
16:39 12Dec2008 RTRS-Taiwan dollar off 2-week high on failed auto bailout
(Updates with close)
TAIPEI, Dec 12 (Reuters) - The Taiwan dollar pulled back from its two-week high on Friday on foreign fund outflows, as fears of a worsening economy returned to haunt investors after a bailout package for the U.S. auto sector stalled.
The Taiwan dollar had risen to as high as T$33.209 to the U.S. doillar, its strongest intraday level since Nov. 27, after the central bank's biggest rate cut in 26 years raised hopes that the economy might improve.
It later reversed those gains to close at T$33.315, lower than Thursday's close of T$33.309.
Volume on the Taipei Forex Inc. exchange was moderate at $995 million, higher than Thursday's $972 million.
"The Taiwan dollar was rising all morning, but when news on the auto bailout failure was released, everything just went downhill from there," said a dealer in Taipei.
Foreign institutions were net sellers of Taiwan stocks for the first time in five sessions, unloading T$4.558 billion ($137 million) worth of shares on Friday.
Taiwan stocks posted their biggest slide in three weeks on Friday, led by a sell-off in heavyweight shares.
Dealers said exporters were also scouring the market for much of the day, looking for deals before the expected low volumes ahead of the Christmas season, which could push up the local currency in the absence of U.S. dollar buyers.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.120/-0.060 compared to Thursday's -0.260/-0.220, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange, the Taiwan dollar fell to T$33.308 from Thursday's close of T$33.294.
(Reporting by Kelvin Soh and Yvette Chen; Editing by Nick Macfie)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 12 December 2008 16:39:04RTRS [nTP126520] {EN}ENDS
(Updates with close)
TAIPEI, Dec 12 (Reuters) - The Taiwan dollar pulled back from its two-week high on Friday on foreign fund outflows, as fears of a worsening economy returned to haunt investors after a bailout package for the U.S. auto sector stalled.
The Taiwan dollar had risen to as high as T$33.209 to the U.S. doillar, its strongest intraday level since Nov. 27, after the central bank's biggest rate cut in 26 years raised hopes that the economy might improve.
It later reversed those gains to close at T$33.315, lower than Thursday's close of T$33.309.
Volume on the Taipei Forex Inc. exchange was moderate at $995 million, higher than Thursday's $972 million.
"The Taiwan dollar was rising all morning, but when news on the auto bailout failure was released, everything just went downhill from there," said a dealer in Taipei.
Foreign institutions were net sellers of Taiwan stocks for the first time in five sessions, unloading T$4.558 billion ($137 million) worth of shares on Friday.
Taiwan stocks posted their biggest slide in three weeks on Friday, led by a sell-off in heavyweight shares.
Dealers said exporters were also scouring the market for much of the day, looking for deals before the expected low volumes ahead of the Christmas season, which could push up the local currency in the absence of U.S. dollar buyers.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.120/-0.060 compared to Thursday's -0.260/-0.220, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen; Editing by Nick Macfie)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Friday, 12 December 2008 16:39:04RTRS [nTP126520] {EN}ENDS
Thursday, December 11, 2008
tw stock 1212
14:27 12Dec2008 RTRS-REFILE-Taiwan stocks post worst drop in 3 wks; TSMC sinks
* Market ignores rate cut as US auto industry bailout stalls
* Tourism issues rally before China-Taiwan deals
* Acer down even after upbeat outlook
(Refiles to add dropped words in first bullet point)
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 12 (Reuters) - Taiwan stocks posted their biggest
slide in three weeks on Friday, led by a sell-off in heavyweights
such as TSMC <2330.TW> and Cathay Financial <2882.TW> after a
bailout package for the U.S. auto sector stalled in the Senate.
The main TAIEX share index <.TWII> closed down 3.74 percent,
or 174.30 points, at 4,481.27, despite Taiwan's central bank
making its biggest interest rate cut in 26 years on Thursday.
Today's drop was the steepest since Nov 20, when the index
closed 4.53 percent lower, and capped this week's gain to 6
percent.
Among the biggest losers were the electronics sub-index
<.TELI> and financial sub-index <.TFNI>, which slumped 4.54
percent and 5.66 percent, respectively.
Turnover was T$90.2 billion ($2.7 billion), down from T$95.9
billion a day earlier.
"Shares dropped rapidly as disappointed investors dumped
stocks after news the U.S. auto bailout failed," said Alex Huang,
vice president of Mega International Securities.
Huang expected the market to trade between 4,300-4,700 points
next week.
Tracking losses in other Asian peers, the Taiwan market
slumped around midday after the U.S. Senate failed to reach a
last-ditch compromise to bail out automakers, effectively killing
any chance of congressional action this year. [ID:nN09294627]
"The failure of the bailout came as a big disappointment for
Asian investors. It means the U.S. economy and unemployment will
deteriorate, hurting the global economy further," said John Chiu,
vice president of Fuh Hwa Securities Investment Trust.
Taiwan Semiconductor Manufacturing Co (TSMC), the
world's top contract chip maker, dropped by its daily 7 percent
limit.
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
fell 1.28 percent after it said on Thursday it would delay
construction of its advanced LCD plants by at least six months.
[ID:nTP71663]
Cathay Financial - Taiwan's top listed financial holding firm
- and Chinatrust Financial <2891.TW> - the island's top credit
card issuer - both dropped more than 5 percent.
An interest rate cut of 75 basis points by the central bank
on Thursday failed to boost sentiment, as some investors
interpreted the move as an ominous sign for the island's economy.
[ID:nSP378689]
"The interest rate cut was wider than expected and it implied
that the downturn is more serious than we presumed," said Bevan
Yeh, a senior fund manager of Prudential Financial Securities
Investment Trust.
But a bright spot was the tourism sub-index <.THOI>, the
day's top winner with a 3.65 percent jump.
The rally came before landmark trade and direct flight links
between Taiwan and China come into force on Monday, spurring
hopes of more Chinese tourists to the island. [ID:nTP338594]
Formosa Regent <2707.TW>, a major hotel chain operator,
gained 6.29 percent and Ambassador Hotel <2704.TW> was up 3.13
percent.
HOT STOCKS
-- Acer <2353.TW>, the world's No.3 PC vendor, declined 4.44
percent.
The company, which has not publicly disclosed any profit
forecasts in the past, said on Thursday it may beat its initial
fourth-quarter estimates after reporting a 15 percent rise in
November sales versus a year ago. [ID:nSP374692]
-- DRAM makers also lost ground, with Powerchip <5346.TWO>
ending limit down and Nanya Technology <2408.TW> slipping 5.7
percent.
Powerchip's fall came after the company said it was studying
a plan to ask the government to buy a stake in Rexchip, its chip
joint venture with Japan's Elpida Memory <6665.T>. [ID:nTP120777]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -3.74 percent
Close on day 4,481.27
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.3)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging: gina.chang.thomsonreuters.com@reuters.net))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex
* Market ignores rate cut as US auto industry bailout stalls
* Tourism issues rally before China-Taiwan deals
* Acer down even after upbeat outlook
(Refiles to add dropped words in first bullet point)
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 12 (Reuters) - Taiwan stocks posted their biggest
slide in three weeks on Friday, led by a sell-off in heavyweights
such as TSMC <2330.TW> and Cathay Financial <2882.TW> after a
bailout package for the U.S. auto sector stalled in the Senate.
The main TAIEX share index <.TWII> closed down 3.74 percent,
or 174.30 points, at 4,481.27, despite Taiwan's central bank
making its biggest interest rate cut in 26 years on Thursday.
Today's drop was the steepest since Nov 20, when the index
closed 4.53 percent lower, and capped this week's gain to 6
percent.
Among the biggest losers were the electronics sub-index
<.TELI> and financial sub-index <.TFNI>, which slumped 4.54
percent and 5.66 percent, respectively.
Turnover was T$90.2 billion ($2.7 billion), down from T$95.9
billion a day earlier.
"Shares dropped rapidly as disappointed investors dumped
stocks after news the U.S. auto bailout failed," said Alex Huang,
vice president of Mega International Securities.
Huang expected the market to trade between 4,300-4,700 points
next week.
Tracking losses in other Asian peers, the Taiwan market
slumped around midday after the U.S. Senate failed to reach a
last-ditch compromise to bail out automakers, effectively killing
any chance of congressional action this year. [ID:nN09294627]
"The failure of the bailout came as a big disappointment for
Asian investors. It means the U.S. economy and unemployment will
deteriorate, hurting the global economy further," said John Chiu,
vice president of Fuh Hwa Securities Investment Trust.
Taiwan Semiconductor Manufacturing Co (TSMC)
world's top contract chip maker, dropped by its daily 7 percent
limit.
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
fell 1.28 percent after it said on Thursday it would delay
construction of its advanced LCD plants by at least six months.
[ID:nTP71663]
Cathay Financial - Taiwan's top listed financial holding firm
- and Chinatrust Financial <2891.TW> - the island's top credit
card issuer - both dropped more than 5 percent.
An interest rate cut of 75 basis points by the central bank
on Thursday failed to boost sentiment, as some investors
interpreted the move as an ominous sign for the island's economy.
[ID:nSP378689]
"The interest rate cut was wider than expected and it implied
that the downturn is more serious than we presumed," said Bevan
Yeh, a senior fund manager of Prudential Financial Securities
Investment Trust.
But a bright spot was the tourism sub-index <.THOI>, the
day's top winner with a 3.65 percent jump.
The rally came before landmark trade and direct flight links
between Taiwan and China come into force on Monday, spurring
hopes of more Chinese tourists to the island. [ID:nTP338594]
Formosa Regent <2707.TW>, a major hotel chain operator,
gained 6.29 percent and Ambassador Hotel <2704.TW> was up 3.13
percent.
HOT STOCKS
-- Acer <2353.TW>, the world's No.3 PC vendor, declined 4.44
percent.
The company, which has not publicly disclosed any profit
forecasts in the past, said on Thursday it may beat its initial
fourth-quarter estimates after reporting a 15 percent rise in
November sales versus a year ago. [ID:nSP374692]
-- DRAM makers also lost ground, with Powerchip <5346.TWO>
ending limit down and Nanya Technology <2408.TW> slipping 5.7
percent.
Powerchip's fall came after the company said it was studying
a plan to ask the government to buy a stake in Rexchip, its chip
joint venture with Japan's Elpida Memory <6665.T>. [ID:nTP120777]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -3.74 percent
Close on day 4,481.27
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.3)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging: gina.chang.thomsonreuters.com@reuters.net))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex
Wednesday, December 10, 2008
stock 1211
17:19 11Dec2008 RTRS-Taiwan dlr at 2-wk high on foreign funds, eyes cbank
(Updates closing values, adds details, quotes)
TAIPEI, Dec 11 (Reuters) - The Taiwan dollar rose to a near two-week closing high on Thursday as foreign funds shifted their funds into the local stock market on hopes easier monetary policy will bolster the economy.
Investors' risk appetites rose on expectations of more economic stimulus measures from the authorities, including lower interest rates, which pushed down traditional safe havens such as the U.S. dollar.
The Taiwan dollar rose to an intraday high of T$33.294 but later pared gains to close the day at T$33.309, its highest level since Nov. 28 and higher than Wednesday's close of T$33.449.
Trading on the Taipei Forex Inc exchange was moderate at $972 million, higher than Wednesday's $797 million and other December trading days.
"Foreign funds were the main drivers today as they have been doing the past few days," said a dealer in Taipei.
"Yields on U.S. dollar holdings are very low now and I think many of them are looking for a better place to put their money."
Foreign institutions were net buyers of Taiwan stocks for the fourth straight session, with T$7.991 billion ($239 million) of net foreign funds flowing into the market.
Taiwan's central bank cut interest rates by 75 basis points to 2 percent after the market closed, which was more than expected.
A Reuters poll on Tuesday showed most analysts expected the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points. [ID:nTP358035]
Dealers also said there were exporters scouring the market for Taiwan dollars, as they feared lower volumes heading into the Christmas season and were bracing for a stronger local currency in coming weeks.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the smaller Cosmos exchange, the Taiwan dollar rose to T$33.294 from the previous close of T$33.430.
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Thursday, 11 December 2008 17:19:42RTRS [nTP102280] {EN}ENDS
(Updates closing values, adds details, quotes)
TAIPEI, Dec 11 (Reuters) - The Taiwan dollar rose to a near two-week closing high on Thursday as foreign funds shifted their funds into the local stock market on hopes easier monetary policy will bolster the economy.
Investors' risk appetites rose on expectations of more economic stimulus measures from the authorities, including lower interest rates, which pushed down traditional safe havens such as the U.S. dollar.
The Taiwan dollar
Trading on the Taipei Forex Inc exchange was moderate at $972 million, higher than Wednesday's $797 million and other December trading days.
"Foreign funds were the main drivers today as they have been doing the past few days," said a dealer in Taipei.
"Yields on U.S. dollar holdings are very low now and I think many of them are looking for a better place to put their money."
Foreign institutions were net buyers of Taiwan stocks for the fourth straight session, with T$7.991 billion ($239 million) of net foreign funds flowing into the market.
Taiwan's central bank cut interest rates by 75 basis points to 2 percent after the market closed, which was more than expected.
A Reuters poll on Tuesday showed most analysts expected the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points. [ID:nTP358035]
Dealers also said there were exporters scouring the market for Taiwan dollars, as they feared lower volumes heading into the Christmas season and were bracing for a stronger local currency in coming weeks.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Thursday, 11 December 2008 17:19:42RTRS [nTP102280] {EN}ENDS
TWD 1210
16:36 10Dec2008 RTRS-Taiwan dollar at 1-½ week high on foreign funds
(Updates with close, quotes)
TAIPEI, Dec 10 (Reuters) - The Taiwan dollar rose to a 1-½ week closing high on Wednesday as foreign funds unloaded U.S. dollars to buy into a surging domestic stock market, while exporter deals further pushed up the local currency.
The Taiwan dollar rose to a high of T$33.430 during trade, but later pared some of the gains to close the session at T$33.449, its highest close since Dec. 1. The local currency finished at T$33.546 on Tuesday.
Trading on the Taipei Forex Inc exchange was thin at $797 million, but higher than Tuesday's level of $675 million.
"There was hardly anyone buying U.S. dollars today. Everyone wanted to buy Taiwan dollars instead," said a dealer in Taipei.
"Foreign funds were buying Taiwan dollars to invest in the stock market, while exporters were buying ahead of the Christmas season."
Foreign institutions were net buyers of Taiwan stocks for the third straight session, with T$8.973 billion ($268 million) of net foreign funds flowing into the market.
Dealers also eyed a meeting by the central bank on Thursday, but they said any potential gains from an interest rate cut had already been factored into the market.
A Reuters poll on Tuesday showed most analysts expect the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points, which would be the biggest cut in seven years. [ID:nTP358035]
The move was aimed at propping up the tech and export-reliant economy suffering from a global downturn, which helped support the local currency.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.150/-0.080 compared with Tuesday's close of -0.050/0.000, meaning investors expect the Taiwan dollar to firm more than previously thought.
On the smaller Cosmos exchange, the Taiwan dollar rose to T$33.430 from the previous close of T$33.530.
(Reporting by Kelvin Soh and Yvette Chen; Editing by Ken Wills)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 10 December 2008 16:36:14RTRS [nTP56587] {EN}ENDS
(Updates with close, quotes)
TAIPEI, Dec 10 (Reuters) - The Taiwan dollar rose to a 1-½ week closing high on Wednesday as foreign funds unloaded U.S. dollars to buy into a surging domestic stock market, while exporter deals further pushed up the local currency.
The Taiwan dollar
Trading on the Taipei Forex Inc exchange was thin at $797 million, but higher than Tuesday's level of $675 million.
"There was hardly anyone buying U.S. dollars today. Everyone wanted to buy Taiwan dollars instead," said a dealer in Taipei.
"Foreign funds were buying Taiwan dollars to invest in the stock market, while exporters were buying ahead of the Christmas season."
Foreign institutions were net buyers of Taiwan stocks for the third straight session, with T$8.973 billion ($268 million) of net foreign funds flowing into the market.
Dealers also eyed a meeting by the central bank on Thursday, but they said any potential gains from an interest rate cut had already been factored into the market.
A Reuters poll on Tuesday showed most analysts expect the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points, which would be the biggest cut in seven years. [ID:nTP358035]
The move was aimed at propping up the tech and export-reliant economy suffering from a global downturn, which helped support the local currency.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.150/-0.080 compared with Tuesday's close of -0.050/0.000, meaning investors expect the Taiwan dollar to firm more than previously thought.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen; Editing by Ken Wills)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 10 December 2008 16:36:14RTRS [nTP56587] {EN}ENDS
Tuesday, December 9, 2008
twn stock 10 Dec
14:32 10Dec2008 RTRS-Techs, banks push Taiwan stocks to 1-mth high
* Week-to-date gains rise to 10 percent
* ProMOS leads DRAM shares limit up
* TSMC limit up before weak November sales
* Banks rise on interest rate cut hope, amended regulation
(Adds details and quote)
By Gina Chang
TAIPEI, Dec 10 (Reuters) - Taiwan stocks rose 4.16 percent on
Wednesday to a one-month closing high, with DRAM chip makers
leading the rally after ProMOS Technologies <5387.TWO> applied to
the government for assistance.
The main TAIEX share index <.TWII> was up 186.21 points at
4,658.87, its strongest finish since Nov 10, taking this week's
rally to 10 percent.
Turnover surged to a nearly-three-month high, at T$92.4
billion ($2.8 billion). Shares worth T$82.9 billion changed hands
in the previous session.
Taiwan Semiconductor Manufacturing Co (TSMC) <2330.TW>
ended 7-percent limit up and was the second-most actively
traded issue by turnover and volume.
The world's top contract chip maker said just as the market
was closing that its November sales dropped to T$19.3 billion
from T$30.14 billion a year ago. [ID:nTPU000935]
"Market sentiment has eased from previous panic, and bad news
didn't affect the market as it has been factored in previous
falls," said John Chiu, a vice president of Fuh Hwa Securities
Investment Trust.
"Net purchases by foreign institutions (in the past two days)
also helped boost sentiment, so investors rushed in to buy stocks
amid a market rebound."
ProMOS, the smallest of Taiwan's top three DRAM memory chip
makers, went limit up after it applied for government assistance
amid signs Taiwan may be trying to engineer a three-way tie-up to
consolidate the struggling sector. [ID:nTP40428]
"The government will probably help ProMOS as the company is
in very bad shape. But we can't tell much before seeing the
details of the government's assistance," said Chiu.
Two of ProMOS's bigger rivals, Powerchip <5346.TWO> and Nanya
Technology <2408.TW>, also went limit up.
UMC <2303.TW>, smaller rival of TSMC, gained 4.37
percent even though the company on Tuesday cut its fourth-quarter
profit margin forecast. [ID:nTPU000931]
The electronics sub-index <.TELI> rose 5.11 percent.
The financial sub-index <.TFNI> jumped 5.39 percent, staging
a 16 percent rally so far this week, amid investor expectations
the central bank would make a steep interest rate cut in a
meeting on Thursday to bolster the island's sagging economy.
Cathay Financial <2882.TW>, the island's top listed financial
holding company, ended up 6.73 percent.
Chinatrust Financial <2891.TW>, Taiwan's largest credit card
issuer, shot up 7 percent.
HOT STOCKS
-- Quanta Computer <2382.TW> and Compal Electronics
<2324.TW>, the world's top two contract laptop PC maker, gained
0.26 percent and 4.59 percent, respectively, even after Compal
said it would fall short of its 2008 shipment targets.
[ID:nTP40745]
-- LCD shares were also among the top winners, with AU
Optronics <2409.TW>, the world's No.3 LCD panel maker, and
smaller rival Chi Mei Optoelectronics <3009.TW> both finishing
limit up.
-- LCD component maker Optimax <3051.TW> went limit up after
the company approached the government for help, and its creditors
have agreed to delay for a year repayment of T$8 billion in debt,
a local newspaper reported.
-- Smartphone maker HTC Corp <2498.TW> jumped 6.65 percent,
shrugging off Tuesday's news of a target price cut by Merrill
Lynch. [ID:nTP247970]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 4.16 percent
Close on day 4,658.87
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar LME price overview
TAIWAN MARKET:
Taiwan equity mkt TAIEX <.TWII><.TV.TW>
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 10 December 2008 14:32:25RTRS [nTP357205] {EN}ENDS
* Week-to-date gains rise to 10 percent
* ProMOS leads DRAM shares limit up
* TSMC limit up before weak November sales
* Banks rise on interest rate cut hope, amended regulation
(Adds details and quote)
By Gina Chang
TAIPEI, Dec 10 (Reuters) - Taiwan stocks rose 4.16 percent on
Wednesday to a one-month closing high, with DRAM chip makers
leading the rally after ProMOS Technologies <5387.TWO> applied to
the government for assistance.
The main TAIEX share index <.TWII> was up 186.21 points at
4,658.87, its strongest finish since Nov 10, taking this week's
rally to 10 percent.
Turnover surged to a nearly-three-month high, at T$92.4
billion ($2.8 billion). Shares worth T$82.9 billion changed hands
in the previous session.
Taiwan Semiconductor Manufacturing Co (TSMC) <2330.TW>
traded issue by turnover and volume.
The world's top contract chip maker said just as the market
was closing that its November sales dropped to T$19.3 billion
from T$30.14 billion a year ago. [ID:nTPU000935]
"Market sentiment has eased from previous panic, and bad news
didn't affect the market as it has been factored in previous
falls," said John Chiu, a vice president of Fuh Hwa Securities
Investment Trust.
"Net purchases by foreign institutions (in the past two days)
also helped boost sentiment, so investors rushed in to buy stocks
amid a market rebound."
ProMOS, the smallest of Taiwan's top three DRAM memory chip
makers, went limit up after it applied for government assistance
amid signs Taiwan may be trying to engineer a three-way tie-up to
consolidate the struggling sector. [ID:nTP40428]
"The government will probably help ProMOS as the company is
in very bad shape. But we can't tell much before seeing the
details of the government's assistance," said Chiu.
Two of ProMOS's bigger rivals, Powerchip <5346.TWO> and Nanya
Technology <2408.TW>, also went limit up.
UMC <2303.TW>
percent even though the company on Tuesday cut its fourth-quarter
profit margin forecast. [ID:nTPU000931]
The electronics sub-index <.TELI> rose 5.11 percent.
The financial sub-index <.TFNI> jumped 5.39 percent, staging
a 16 percent rally so far this week, amid investor expectations
the central bank would make a steep interest rate cut in a
meeting on Thursday to bolster the island's sagging economy.
Cathay Financial <2882.TW>, the island's top listed financial
holding company, ended up 6.73 percent.
Chinatrust Financial <2891.TW>, Taiwan's largest credit card
issuer, shot up 7 percent.
HOT STOCKS
-- Quanta Computer <2382.TW> and Compal Electronics
<2324.TW>, the world's top two contract laptop PC maker, gained
0.26 percent and 4.59 percent, respectively, even after Compal
said it would fall short of its 2008 shipment targets.
[ID:nTP40745]
-- LCD shares were also among the top winners, with AU
Optronics <2409.TW>, the world's No.3 LCD panel maker, and
smaller rival Chi Mei Optoelectronics <3009.TW> both finishing
limit up.
-- LCD component maker Optimax <3051.TW> went limit up after
the company approached the government for help, and its creditors
have agreed to delay for a year repayment of T$8 billion in debt,
a local newspaper reported.
-- Smartphone maker HTC Corp <2498.TW> jumped 6.65 percent,
shrugging off Tuesday's news of a target price cut by Merrill
Lynch. [ID:nTP247970]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 4.16 percent
Close on day 4,658.87
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Editing by Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar
TAIWAN MARKET:
Taiwan equity mkt
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 10 December 2008 14:32:25RTRS [nTP357205] {EN}ENDS
twd 1209
17:41 09Dec2008 RTRS-Taiwan dollar weakens on rate cut expectations
(Updates closing numbers; Adds details quotes)
TAIPEI, Dec 9 (Reuters) - The Taiwan dollar reversed early gains to close weaker on Tuesday as the market factored in the risk of a big rate cut this week by the central bank after dismal export data.
The Taiwan dollar rose to an intraday high of T$33.460 in early trade, its highest level since Dec. 3. However, it gave up the gains to close lower at T$33.546, against the previous day's close of T$33.490.
Trading on the Taipei Forex Inc. exchange was thin at $675 million, but higher than Monday's $636 million. Volume has been decreasing in the past few weeks ahead of the year-end holiday season.
"We had a lot of foreign funds buying U.S. dollars today, although the stock market was climbing," said a dealer.
Taiwan's exports in November fell by 23 percent from a year earlier, the sharpest decline in seven years, underlining expectations that the economy could slip into recession. [ID:nTP355056]
A Reuters poll on Tuesday showed most analysts expect the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points, the biggest cut in seven years. [ID:nTP358035]
"Any rate cut of between 25 to 50 basis points is within expectations, and what is interesting would be to see any announcement they may make after the meeting," said another dealer.
On the non-deliverable forwards (NDFs) market, six-month NDFs narrowed to -0.050/0.000 from the previous close of -0.100/-0.050, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange, the Taiwan dollar weakened to T$33.530 from the previous close of T$33.518.
(Reporting by Kelvin Soh and Jeanny Kao; Editing by Neil Fullick)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net))
Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
[M] [T] [E] [D] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [ASIA] [EMRG] [TW] [FRX] [TRD] [POL] [LEN] [RTRS] [TWD/] [TWD=TP]
For Relevant Price Information, Double Click on one of these codes:
Tuesday, 09 December 2008 17:41:54RTRS [nTP31381] {EN}ENDS
(Updates closing numbers; Adds details quotes)
TAIPEI, Dec 9 (Reuters) - The Taiwan dollar reversed early gains to close weaker on Tuesday as the market factored in the risk of a big rate cut this week by the central bank after dismal export data.
The Taiwan dollar
Trading on the Taipei Forex Inc. exchange was thin at $675 million, but higher than Monday's $636 million. Volume has been decreasing in the past few weeks ahead of the year-end holiday season.
"We had a lot of foreign funds buying U.S. dollars today, although the stock market was climbing," said a dealer.
Taiwan's exports in November fell by 23 percent from a year earlier, the sharpest decline in seven years, underlining expectations that the economy could slip into recession. [ID:nTP355056]
A Reuters poll on Tuesday showed most analysts expect the central bank to cut the benchmark discount rate of 2.75 percent by 50 basis points, the biggest cut in seven years. [ID:nTP358035]
"Any rate cut of between 25 to 50 basis points is within expectations, and what is interesting would be to see any announcement they may make after the meeting," said another dealer.
On the non-deliverable forwards (NDFs) market, six-month NDFs narrowed to -0.050/0.000 from the previous close of -0.100/-0.050, meaning investors expect the Taiwan dollar to firm less than previously thought.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Jeanny Kao; Editing by Neil Fullick)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net))
Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
[M] [T] [E] [D] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [ASIA] [EMRG] [TW] [FRX] [TRD] [POL] [LEN] [RTRS] [TWD/] [TWD=TP]
For Relevant Price Information, Double Click on one of these codes:
Tuesday, 09 December 2008 17:41:54RTRS [nTP31381] {EN}ENDS
TWN stock 09 DEc
14:54 09Dec2008 RTRS-Financials boost Taiwan stocks to 1-wk high
* Main index up 1.2 pct to 1-week closing high
* Financial shares lead market to rise for second day
* LCD stocks lag market after shipment forecast cut
* UMC down before November sales
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 9 (Reuters) - Taiwan stocks rose 1.23 percent on
Tuesday to a fresh one-week closing high led by financials such
as Cathay Financial on speculation the central bank will make a
steep interest rate cut this week after poor export data.
However, LCD shares such as AU Optronics <2409.TW> and Chi
Mei <3009.TW> lagged the broader market after both lowered their
fourth-quarter forecasts.
The main TAIEX share index <.TWII> closed 54.33 points higher
at 4,472.66, its strongest finish since Dec 1. The day's gain
extended a 4.6 percent jump in the previous session.
It was the busiest session for a month, with turnover rising
to T$82.9 billion ($2.5 billion) from T$64 billion on Monday.
"We're seeing bottom for the market because it rose despite
bad news such as weak exports data," said Michael On, a manager
of Beyond Asset Management.
On expected the market to trade between 4,300-4,600 points
this week.
The market early on tracked a Wall Street rally, with
investors ignoring gloomy local economic data on Monday that
showed Taiwan's exports in November fell by an annual 23 percent,
the sharpest decline in seven years. [ID:nTP355056]
The numbers are seen tipping the central bank's hand when it
meets on Thursday to review interest rates. The bank is expected
to cut rates by 50 basis points on Thursday, which would be the
biggest cut in more than seven years.
Cathay Financial <2882.TW>, the island's largest listed
financial holding firm, gained 4.09 percent, lifting the banking
and insurance sub-index <.TFNI> 3.27 percent higher.
Shin Kong <2888.TW>, parent of Taiwan's second-largest
insurancer, rose 4.58 percent after a newspaper reported a senior
company official said he has been approached by Chinese investors
interested in working together to build golf courses in Taiwan.
Smartphone maker HTC Corp <2498.TW>, the most active shares
by turnover, jumped 4.58 percent, helping push the electronics
sub-index <.TELI> 1.65 percent higher.
Despite gains in the broader market, United Microelectronics
Corp (UMC) <2303.TW>, the world's No.2 contract chip
maker, fell 1.53 percent after JPMorgan cut its 2008 and 2009
earnings forecasts for the company. [ID:nTP355805]
UMC posted a 33.3 percent fall in November sales from a year
ago, after the market close on Tuesday, adding it still saw an
operating profit for its 2008 financial year.
LCD shares also underperformed, with AU ending flat and Chi
Mei dipping 1.26 percent.
Both companies joined other technology firms in slashing
their fourth-quarter guidance on Monday. [ID:nTP25848]
"I'm not surprised at their moves as the market already
predicted losses for AU in the fourth quarter. AU will continue
to lose money into the second quarter of next year," said Karen
Lin, a fund manager of Paradigm Asset Management.
HOT STOCKS
-- ProMOS Technologies Inc <5387.TWO>, Taiwan's third-largest
DRAM memory chip maker, fell 2.36 percent after the company said
its fourth-quarter output would fall more than previously
estimated. [ID:nTPU000928]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 1.23 percent
Close on day 4,472.66
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Editing By Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt
* Main index up 1.2 pct to 1-week closing high
* Financial shares lead market to rise for second day
* LCD stocks lag market after shipment forecast cut
* UMC down before November sales
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 9 (Reuters) - Taiwan stocks rose 1.23 percent on
Tuesday to a fresh one-week closing high led by financials such
as Cathay Financial on speculation the central bank will make a
steep interest rate cut this week after poor export data.
However, LCD shares such as AU Optronics <2409.TW> and Chi
Mei <3009.TW> lagged the broader market after both lowered their
fourth-quarter forecasts.
The main TAIEX share index <.TWII> closed 54.33 points higher
at 4,472.66, its strongest finish since Dec 1. The day's gain
extended a 4.6 percent jump in the previous session.
It was the busiest session for a month, with turnover rising
to T$82.9 billion ($2.5 billion) from T$64 billion on Monday.
"We're seeing bottom for the market because it rose despite
bad news such as weak exports data," said Michael On, a manager
of Beyond Asset Management.
On expected the market to trade between 4,300-4,600 points
this week.
The market early on tracked a Wall Street rally, with
investors ignoring gloomy local economic data on Monday that
showed Taiwan's exports in November fell by an annual 23 percent,
the sharpest decline in seven years. [ID:nTP355056]
The numbers are seen tipping the central bank's hand when it
meets on Thursday to review interest rates. The bank is expected
to cut rates by 50 basis points on Thursday, which would be the
biggest cut in more than seven years.
Cathay Financial <2882.TW>, the island's largest listed
financial holding firm, gained 4.09 percent, lifting the banking
and insurance sub-index <.TFNI> 3.27 percent higher.
Shin Kong <2888.TW>, parent of Taiwan's second-largest
insurancer, rose 4.58 percent after a newspaper reported a senior
company official said he has been approached by Chinese investors
interested in working together to build golf courses in Taiwan.
Smartphone maker HTC Corp <2498.TW>, the most active shares
by turnover, jumped 4.58 percent, helping push the electronics
sub-index <.TELI> 1.65 percent higher.
Despite gains in the broader market, United Microelectronics
Corp (UMC) <2303.TW>
maker, fell 1.53 percent after JPMorgan cut its 2008 and 2009
earnings forecasts for the company. [ID:nTP355805]
UMC posted a 33.3 percent fall in November sales from a year
ago, after the market close on Tuesday, adding it still saw an
operating profit for its 2008 financial year.
LCD shares also underperformed, with AU ending flat and Chi
Mei dipping 1.26 percent.
Both companies joined other technology firms in slashing
their fourth-quarter guidance on Monday. [ID:nTP25848]
"I'm not surprised at their moves as the market already
predicted losses for AU in the fourth quarter. AU will continue
to lose money into the second quarter of next year," said Karen
Lin, a fund manager of Paradigm Asset Management.
HOT STOCKS
-- ProMOS Technologies Inc <5387.TWO>, Taiwan's third-largest
DRAM memory chip maker, fell 2.36 percent after the company said
its fourth-quarter output would fall more than previously
estimated. [ID:nTPU000928]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day 1.23 percent
Close on day 4,472.66
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Editing By Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
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Monday, December 8, 2008
TWN stock 08 DEc
18:17 08Dec2008 RTRS-Taiwan dlr rises on exports, foreign fund inflows
(Updates to close, adds quotes, details)
TAIPEI, Dec 8 (Reuters) - The Taiwan dollar closed stronger for a second straight session on Monday, as exporters sold U.S. dollars and foreign fund inflows into a resurgent stock market further supported the local currency.
The Taiwan dollar rose to a high of T$33.490 in intraday trade, but later pared some of the gains to close at T$33.517, compared with the previous day's close of T$33.549.
The Taiwan dollar had been weakening over the past week due to worries over the global economy but has firmed in the past two sessions.
Volume on the Taipei Forex Inc exchange was thin at $636 million, but higher than Friday's $482 million.
One reason for the thin volume was declining revenue by exporters, leading to smaller U.S. dollar inflows into Taiwan, some dealers said. They added that the thin volume could continue for some time.
"Some exporters were buying the Taiwan dollar when it was above T$33.500, but that slowly tapered off when it started rising," said a dealer.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every unit of the U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs fell to -0.100/-0.050 from the previous close of -0.140/-0.085, meaning investors expect the Taiwan dollar to firm less than previously thought.
Weighing on the outlook for the local currency were dismal export figures.
Taiwan's exports in November fell 23.3 percent from a year earlier, worse than forecast and the sharpest decline in seven years, finance ministry data showed. [ID:nTP359712]
Dealers said the central bank was unlikely to allow the Taiwan dollar to appreciate further from the current level to maintain the competitiveness of the island's exports.
The island's economy is heavily export-reliant and a weaker Taiwan dollar would make their products cheaper in overseas markets.
"The Taiwan dollar was riding on the back of the stock market. Many foreign funds were buying into Taiwan stocks, but not many were selling U.S. dollars," said another dealer in Taipei, who expects the local currency to trade at between T$33.400 and T$33.550.
Foreign institutions were net buyers of Taiwan stocks for the first time in five sessions, with T$3.943 billion ($117 million) of net foreign funds flowing into the stock market.
Taiwan stocks <.TWII> rose 4.57 percent on Monday, posting their biggest gain in five weeks, as tech and financial shares rallied on Wall Street gains. [ID:nTP354869]
On the smaller Cosmos exchange, the Taiwan dollar rose to T$33.518 from the previous close of T$33.554.
(Reporting by Kelvin Soh and Argin Chang, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Monday, 08 December 2008 18:17:54RTRS [nTP114046] {EN}ENDS
(Updates to close, adds quotes, details)
TAIPEI, Dec 8 (Reuters) - The Taiwan dollar closed stronger for a second straight session on Monday, as exporters sold U.S. dollars and foreign fund inflows into a resurgent stock market further supported the local currency.
The Taiwan dollar
The Taiwan dollar had been weakening over the past week due to worries over the global economy but has firmed in the past two sessions.
Volume on the Taipei Forex Inc exchange was thin at $636 million, but higher than Friday's $482 million.
One reason for the thin volume was declining revenue by exporters, leading to smaller U.S. dollar inflows into Taiwan, some dealers said. They added that the thin volume could continue for some time.
"Some exporters were buying the Taiwan dollar when it was above T$33.500, but that slowly tapered off when it started rising," said a dealer.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every unit of the U.S. dollar.
On the non-deliverable forwards (NDFs) market, six-month NDFs fell to -0.100/-0.050 from the previous close of -0.140/-0.085, meaning investors expect the Taiwan dollar to firm less than previously thought.
Weighing on the outlook for the local currency were dismal export figures.
Taiwan's exports in November fell 23.3 percent from a year earlier, worse than forecast and the sharpest decline in seven years, finance ministry data showed. [ID:nTP359712]
Dealers said the central bank was unlikely to allow the Taiwan dollar to appreciate further from the current level to maintain the competitiveness of the island's exports.
The island's economy is heavily export-reliant and a weaker Taiwan dollar would make their products cheaper in overseas markets.
"The Taiwan dollar was riding on the back of the stock market. Many foreign funds were buying into Taiwan stocks, but not many were selling U.S. dollars," said another dealer in Taipei, who expects the local currency to trade at between T$33.400 and T$33.550.
Foreign institutions were net buyers of Taiwan stocks for the first time in five sessions, with T$3.943 billion ($117 million) of net foreign funds flowing into the stock market.
Taiwan stocks <.TWII> rose 4.57 percent on Monday, posting their biggest gain in five weeks, as tech and financial shares rallied on Wall Street gains. [ID:nTP354869]
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Argin Chang, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Monday, 08 December 2008 18:17:54RTRS [nTP114046] {EN}ENDS
Thursday, December 4, 2008
TW Stock 05 dec.
14:08 05Dec2008 RTRS-Taiwan stocks hit 2-wk low on techs, govt move ignored
* Mediatek limit-down after cutting sales forecast
* Market ignores latest gov't move to boost share prices
* Tourism shares rise on hope of more Chinese tourists
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 5 (Reuters) - Taiwan stocks fell 0.7 percent on
Friday to a two-week closing low, as tech shares slid after
Mediatek cut its sales forecast, ignoring a government move
allowing Chinese institutional investors to buy local shares.
The main TAIEX <.TWII> ended down 29.89 points at 4,225.07,
dropping for a fourth session and bringing the week's decline to
5 percent. The electronics sub-index <.TELI> lost 0.86 percent.
Turnover was light at T$40 billion ($1.2 billion), lower than
T$53.7 billion a day earlier, ahead of the island's latest
consumer price index figures that were due later in the day.
Shares of chip designer Mediatek <2454.TW> shed 7 percent to
their daily limit after the company joined other semiconductor
firms in Taiwan in cutting its fourth-quarter sales forecast on
Thursday due to slower demand. [ID:nTP282105]
Earlier this week, top contract chip maker TSMC <2330.TW>
, chip packagers ASE <2311.TW> and Siliconware <2325.TW>
all slashed their sales forecasts for the current quarter.
"The market was pressured after technology companies lowered
their sales forecasts one after another," said Michael On, a
manager of Beyond Asset Management.
Taiwan Semiconductor Manufacturing Co (TSMC) rose 0.4 percent
and ASE finished flat. Siliconware declined 0.22 percent, while
the semiconductor sub-index <.TSII> fell 0.97 percent.
Shares of ProMOS Technology Inc <5387.TWO>, Taiwan's No.3
DRAM chip maker, went limit down even after the firm denied a
report that it would be forced to halt production. [ID:nTP150716]
The market failed to gain support from news that Taiwan's
Cabinet would open its local stock and futures markets to
qualified direct institutional investors (QDII) from China, in
its latest bid to prop up the stock market. [ID:nTP102286]
"The amount of investment that QDII will bring into Taiwan is
quite small. This measure won't help push the sagging stock
market up right now as the broader economy continues to weaken
and investors lack confidence," said John Chiu, vice president of
Fuh Hwa Securities Investment Trust.
One bright spot was the tourism sub-index <.THOI>, which
gained 1.52 percent after a local newspaper report that a Chinese
subsidiary of South Korea's LG Group said it would offer a
complimentary trip for 2,008 Chinese tourists to visit Taiwan.
HOT STOCKS
-- Acer <2353.TW>, the world's No. 3 PC vendor, declined 0.71
percent, despite a newspaper quoting Acer's chairman as saying
its laptop shipments could still grow by 15-25 percent in 2009 as
consumers seek to replace desktops with laptops.
Acer will start selling a smartphone in the first quarter of
next year, the paper said.
-- Taiwan Life Insurance Co Ltd <2833.TW> fell 0.97 percent
after Standard & Poor's Ratings Services lowered its financial
strength and counterparty ratings on the company to 'BBB' from
'BBB+'. [ID:nWLA2918]
Wan Hai Lines Ltd <2615.TW> lost 3.17 percent after Standard
& Poor's Ratings Services lowered its corporate credit rating on
the firm to 'BB+' from 'BBB-'. [ID:nWNA0948]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -0.7 percent
Close on day 4,225.07
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$=T$33.5)
(Reporting by Gina Chang; Editing by Ken Wills)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC
* Mediatek limit-down after cutting sales forecast
* Market ignores latest gov't move to boost share prices
* Tourism shares rise on hope of more Chinese tourists
(Adds details and quotes)
By Gina Chang
TAIPEI, Dec 5 (Reuters) - Taiwan stocks fell 0.7 percent on
Friday to a two-week closing low, as tech shares slid after
Mediatek cut its sales forecast, ignoring a government move
allowing Chinese institutional investors to buy local shares.
The main TAIEX <.TWII> ended down 29.89 points at 4,225.07,
dropping for a fourth session and bringing the week's decline to
5 percent. The electronics sub-index <.TELI> lost 0.86 percent.
Turnover was light at T$40 billion ($1.2 billion), lower than
T$53.7 billion a day earlier, ahead of the island's latest
consumer price index figures that were due later in the day.
Shares of chip designer Mediatek <2454.TW> shed 7 percent to
their daily limit after the company joined other semiconductor
firms in Taiwan in cutting its fourth-quarter sales forecast on
Thursday due to slower demand. [ID:nTP282105]
Earlier this week, top contract chip maker TSMC <2330.TW>
all slashed their sales forecasts for the current quarter.
"The market was pressured after technology companies lowered
their sales forecasts one after another," said Michael On, a
manager of Beyond Asset Management.
Taiwan Semiconductor Manufacturing Co (TSMC) rose 0.4 percent
and ASE finished flat. Siliconware declined 0.22 percent, while
the semiconductor sub-index <.TSII> fell 0.97 percent.
Shares of ProMOS Technology Inc <5387.TWO>, Taiwan's No.3
DRAM chip maker, went limit down even after the firm denied a
report that it would be forced to halt production. [ID:nTP150716]
The market failed to gain support from news that Taiwan's
Cabinet would open its local stock and futures markets to
qualified direct institutional investors (QDII) from China, in
its latest bid to prop up the stock market. [ID:nTP102286]
"The amount of investment that QDII will bring into Taiwan is
quite small. This measure won't help push the sagging stock
market up right now as the broader economy continues to weaken
and investors lack confidence," said John Chiu, vice president of
Fuh Hwa Securities Investment Trust.
One bright spot was the tourism sub-index <.THOI>, which
gained 1.52 percent after a local newspaper report that a Chinese
subsidiary of South Korea's LG Group said it would offer a
complimentary trip for 2,008 Chinese tourists to visit Taiwan.
HOT STOCKS
-- Acer <2353.TW>, the world's No. 3 PC vendor, declined 0.71
percent, despite a newspaper quoting Acer's chairman as saying
its laptop shipments could still grow by 15-25 percent in 2009 as
consumers seek to replace desktops with laptops.
Acer will start selling a smartphone in the first quarter of
next year, the paper said.
-- Taiwan Life Insurance Co Ltd <2833.TW> fell 0.97 percent
after Standard & Poor's Ratings Services lowered its financial
strength and counterparty ratings on the company to 'BBB' from
'BBB+'. [ID:nWLA2918]
Wan Hai Lines Ltd <2615.TW> lost 3.17 percent after Standard
& Poor's Ratings Services lowered its corporate credit rating on
the firm to 'BB+' from 'BBB-'. [ID:nWNA0948]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -0.7 percent
Close on day 4,225.07
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$=T$33.5)
(Reporting by Gina Chang; Editing by Ken Wills)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC
Wednesday, December 3, 2008
TW market 1204
17:18 04Dec2008 RTRS-Taiwan at 3-yr closing low on funds, exporters support
(Adds close, quotes)
TAIPEI, Dec 4 (Reuters) - The Taiwan dollar extended losses on Thursday to end at a three-year closing low, as foreign fund outflows pressured the local currency,
The Taiwan dollar weakened for a fourth straight session to close at T$33.550 to the U.S. dollar, the weakest finish since Dec. 12, 2005, and compared with the previous close of T$33.528.
"We saw some key foreign banks conducting outflows in the market. There were a few export-related deals too, so the Taiwan dollar had some support, but we see many exporters preferring to wait until the Taiwan dollar hits T$33.8," said a dealer.
Foreign institutions sold Taiwan stocks for a third straight day by unloading a net T$6.418 billion ($191 million), which pushed the main TAIEX index <.TWII> 1.21 percent lower and pressured the Taiwan dollar.
Volume on the Taipei Forex Inc exchange was thin at $694 million, lower than the $705 million a day before.
"Many people are already on holiday by now and so trading volumes were quite low. There was some U.S. dollar buying in the NDF market," said another dealer in Taipei.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.010/0.050, compared with -0.080/-0.030 on Wednesday, meaning that investors expect the Taiwan dollar to be weaker than previous expectations.
On the smaller Cosmos exchange, the Taiwan dollar weakened to T$33.553 from the previous close of T$33.525.
(Reporting by Yvette Chen and Lee Chyen Yee; Editing by Anne Marie Roantree)
((chyenyee.lee@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: chyenyee.lee.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Thursday, 04 December 2008 17:18:41RTRS [nTP314142] {EN}ENDS
(Adds close, quotes)
TAIPEI, Dec 4 (Reuters) - The Taiwan dollar extended losses on Thursday to end at a three-year closing low, as foreign fund outflows pressured the local currency,
The Taiwan dollar weakened for a fourth straight session to close at T$33.550 to the U.S. dollar, the weakest finish since Dec. 12, 2005, and compared with the previous close of T$33.528.
"We saw some key foreign banks conducting outflows in the market. There were a few export-related deals too, so the Taiwan dollar had some support, but we see many exporters preferring to wait until the Taiwan dollar hits T$33.8," said a dealer.
Foreign institutions sold Taiwan stocks for a third straight day by unloading a net T$6.418 billion ($191 million), which pushed the main TAIEX index <.TWII> 1.21 percent lower and pressured the Taiwan dollar.
Volume on the Taipei Forex Inc exchange was thin at $694 million, lower than the $705 million a day before.
"Many people are already on holiday by now and so trading volumes were quite low. There was some U.S. dollar buying in the NDF market," said another dealer in Taipei.
On the non-deliverable forwards (NDFs) market, six-month NDFs were quoted at -0.010/0.050, compared with -0.080/-0.030 on Wednesday, meaning that investors expect the Taiwan dollar to be weaker than previous expectations.
On the smaller Cosmos exchange
(Reporting by Yvette Chen and Lee Chyen Yee; Editing by Anne Marie Roantree)
((chyenyee.lee@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: chyenyee.lee.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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Thursday, 04 December 2008 17:18:41RTRS [nTP314142] {EN}ENDS
TWD 03 Dec
17:15 03Dec2008 RTRS-Taiwan dlr at near 3-yr low on foreign fund outflows
(Adds details, quotes)
TAIPEI, Dec 3 (Reuters) - The Taiwan dollar weakened to a near three-year closing low on Wednesday, due to a poor outlook for the island's export-reliant tech sector and foreign fund outflows.
The Taiwan dollar pared earlier gains to close at T$33.528, its lowest finish since Dec. 12, 2005, and weakening from Tuesday's close of T$33.489.
Volume on the Taipei Forex Inc. exchange was light at $705 million, lower than the $778 million a day before and significantly lower than the average billion dollar mark seen on most trading days.
"The Taiwan dollar caught on to some of Wall Street's momentum, but it just fell together with the Taiwan stock market when it became clear how the share market was going to do," a dealer in Taipei said.
Taiwan stocks <.TWII> fell 1.14 percent on Wednesday to a one-week closing low, dragged down by technology shares on poor outlooks for microchip firms such as ASE <2311.TW> and TSMC <2330.TW>.
Foreign institutions sold Taiwan stocks for a second straight session by unloading a net T$6.882 billion ($205 million) on Wednesday.
Downward pressure on regional currencies such as the South Korean won and Chinese yuan also hurt the Taiwan dollar, analysts said.
"There are already expectations of a weakening Taiwan dollar, so when regional currencies fall, that will drag us down as well," another dealer said.
The Taiwan dollar has lost about 12 percent since hitting a 10-1/2-year high in late March, as increasing economic woes linked to the global financial crisis weighed on it.
On the smaller Cosmos exchange, the Taiwan dollar fell to T$33.525 from the previous close of T$33.480.
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 03 December 2008 17:15:48RTRS [nTP299970] {EN}ENDS
(Adds details, quotes)
TAIPEI, Dec 3 (Reuters) - The Taiwan dollar weakened to a near three-year closing low on Wednesday, due to a poor outlook for the island's export-reliant tech sector and foreign fund outflows.
The Taiwan dollar
Volume on the Taipei Forex Inc. exchange was light at $705 million, lower than the $778 million a day before and significantly lower than the average billion dollar mark seen on most trading days.
"The Taiwan dollar caught on to some of Wall Street's momentum, but it just fell together with the Taiwan stock market when it became clear how the share market was going to do," a dealer in Taipei said.
Taiwan stocks <.TWII> fell 1.14 percent on Wednesday to a one-week closing low, dragged down by technology shares on poor outlooks for microchip firms such as ASE <2311.TW> and TSMC <2330.TW>.
Foreign institutions sold Taiwan stocks for a second straight session by unloading a net T$6.882 billion ($205 million) on Wednesday.
Downward pressure on regional currencies such as the South Korean won
"There are already expectations of a weakening Taiwan dollar, so when regional currencies fall, that will drag us down as well," another dealer said.
The Taiwan dollar has lost about 12 percent since hitting a 10-1/2-year high in late March, as increasing economic woes linked to the global financial crisis weighed on it.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 03 December 2008 17:15:48RTRS [nTP299970] {EN}ENDS
TWD 03 Dec
17:15 03Dec2008 RTRS-Taiwan dlr at near 3-yr low on foreign fund outflows
(Adds details, quotes)
TAIPEI, Dec 3 (Reuters) - The Taiwan dollar weakened to a near three-year closing low on Wednesday, due to a poor outlook for the island's export-reliant tech sector and foreign fund outflows.
The Taiwan dollar pared earlier gains to close at T$33.528, its lowest finish since Dec. 12, 2005, and weakening from Tuesday's close of T$33.489.
Volume on the Taipei Forex Inc. exchange was light at $705 million, lower than the $778 million a day before and significantly lower than the average billion dollar mark seen on most trading days.
"The Taiwan dollar caught on to some of Wall Street's momentum, but it just fell together with the Taiwan stock market when it became clear how the share market was going to do," a dealer in Taipei said.
Taiwan stocks <.TWII> fell 1.14 percent on Wednesday to a one-week closing low, dragged down by technology shares on poor outlooks for microchip firms such as ASE <2311.TW> and TSMC <2330.TW>.
Foreign institutions sold Taiwan stocks for a second straight session by unloading a net T$6.882 billion ($205 million) on Wednesday.
Downward pressure on regional currencies such as the South Korean won and Chinese yuan also hurt the Taiwan dollar, analysts said.
"There are already expectations of a weakening Taiwan dollar, so when regional currencies fall, that will drag us down as well," another dealer said.
The Taiwan dollar has lost about 12 percent since hitting a 10-1/2-year high in late March, as increasing economic woes linked to the global financial crisis weighed on it.
On the smaller Cosmos exchange, the Taiwan dollar fell to T$33.525 from the previous close of T$33.480.
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 03 December 2008 17:15:48RTRS [nTP299970] {EN}ENDS
(Adds details, quotes)
TAIPEI, Dec 3 (Reuters) - The Taiwan dollar weakened to a near three-year closing low on Wednesday, due to a poor outlook for the island's export-reliant tech sector and foreign fund outflows.
The Taiwan dollar
Volume on the Taipei Forex Inc. exchange was light at $705 million, lower than the $778 million a day before and significantly lower than the average billion dollar mark seen on most trading days.
"The Taiwan dollar caught on to some of Wall Street's momentum, but it just fell together with the Taiwan stock market when it became clear how the share market was going to do," a dealer in Taipei said.
Taiwan stocks <.TWII> fell 1.14 percent on Wednesday to a one-week closing low, dragged down by technology shares on poor outlooks for microchip firms such as ASE <2311.TW> and TSMC <2330.TW>.
Foreign institutions sold Taiwan stocks for a second straight session by unloading a net T$6.882 billion ($205 million) on Wednesday.
Downward pressure on regional currencies such as the South Korean won
"There are already expectations of a weakening Taiwan dollar, so when regional currencies fall, that will drag us down as well," another dealer said.
The Taiwan dollar has lost about 12 percent since hitting a 10-1/2-year high in late March, as increasing economic woes linked to the global financial crisis weighed on it.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Yvette Chen, Editing by Jacqueline Wong)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net)) Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
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For Relevant Price Information, Double Click on one of these codes:
Wednesday, 03 December 2008 17:15:48RTRS [nTP299970] {EN}ENDS
TW Stock 03 dec.
14:11 03Dec2008 RTRS-ASE, TSMC drag Taiwan stocks to 1-week closing low
* Main index down 1.1 pct to lowest close for a week
* ASE shares limit down after forecast cut
* Tourism shares surge on hope of more Chinese tourists
(Adds details, quote)
TAIPEI, Dec 3 (Reuters) - Taiwan stocks fell 1.14 percent on
Wednesday to a one-week closing low, dragged down by technology
shares on poor outlooks for microchip firms such as ASE <2311.TW>
and TSMC <2330.TW>.
The main TAIEX share index <.TWII> ended 49.72 points lower
at 4,307.26, its weakest finish since Nov. 26, extending a 3.57
percent decline in the previous session.
Turnover was light at T$59 billion ($1.8 billion), up
slightly from Tuesday's T$54 billion.
A day after TSMC cut its guidance for the fourth quarter,
Advanced Semiconductor Engineering Inc (ASE), the world's
largest chip packaging firm, also cut its own revenue forecast
for the same quarter on Tuesday. [ID:nWNAB8610]
"The cuts by ASE and TSMC on their sales forecasts were worse
than expectations. News that companies lowered their sales
guidance and layoffs dampened sentiment in the market," said
Michael On, a manager of Beyond Asset Management.
"However, technology shares have dropped to very low levels
and we believe they're near the bottom and will gradually rebound
in the second quarter of next year," said On, adding he expected
the market to trade between 4,250-4,400 points this week.
ASE shares dropped by their daily 7 percent limit and Taiwan
Semiconductor Manufacturing Co (TSMC), the world's top
contract chip maker, slid 2.11 percent, extending a 7 percent
slide on Tuesday.
The semiconductor sub-index <.TSII> fell 3.76 percent.
Adding gloom to the semiconductor industry was news that
industry association SEMI said global sales of semiconductor
equipment were expected to fall 28 percent to $30.9 billion this
year due to deteriorating world economies. [ID:nL2371377]
However, tourism shares <.THOI> bucked the downward trend
with a 5.09 percent jump after local media reported China's Amway
had decided to send 13,000 of its employees on a junket to Taiwan
in March next year, including visits to Taichung and Kaoshiung.
HOT STOCKS
Powerchip <5346.TWO>, Taiwan's top DRAM maker, fell 3.56
percent after its chairman urged the government to devise ways to
support the slowing DRAM industry. [ID:nT277044]
- - - -
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
and Chi Mei Optoelectronics Corp <3009.TW> both fell more than 1
percent.
LCD shares were pressured after market research firm IDC late
on Tuesday trimmed its forecast for global LCD TV shipments this
year due to the economic slowdown.
But IDC expects the LCD TV shipments to grow next year as
lower prices boost new demand. [ID:nTP218874]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -1.14 percent
Close on day 4,307.26
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$=T$33.5)
(Reporting by Gina Chang; Editing By Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar LME price overview
TAIWAN MARKET:
Taiwan equity mkt TAIEX <.TWII><.TV.TW>
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 03 December 2008 14:11:43RTRS [nTP268907] {EN}ENDS
* Main index down 1.1 pct to lowest close for a week
* ASE shares limit down after forecast cut
* Tourism shares surge on hope of more Chinese tourists
(Adds details, quote)
TAIPEI, Dec 3 (Reuters) - Taiwan stocks fell 1.14 percent on
Wednesday to a one-week closing low, dragged down by technology
shares on poor outlooks for microchip firms such as ASE <2311.TW>
and TSMC <2330.TW>.
The main TAIEX share index <.TWII> ended 49.72 points lower
at 4,307.26, its weakest finish since Nov. 26, extending a 3.57
percent decline in the previous session.
Turnover was light at T$59 billion ($1.8 billion), up
slightly from Tuesday's T$54 billion.
A day after TSMC cut its guidance for the fourth quarter,
Advanced Semiconductor Engineering Inc (ASE)
largest chip packaging firm, also cut its own revenue forecast
for the same quarter on Tuesday. [ID:nWNAB8610]
"The cuts by ASE and TSMC on their sales forecasts were worse
than expectations. News that companies lowered their sales
guidance and layoffs dampened sentiment in the market," said
Michael On, a manager of Beyond Asset Management.
"However, technology shares have dropped to very low levels
and we believe they're near the bottom and will gradually rebound
in the second quarter of next year," said On, adding he expected
the market to trade between 4,250-4,400 points this week.
ASE shares dropped by their daily 7 percent limit and Taiwan
Semiconductor Manufacturing Co (TSMC)
contract chip maker, slid 2.11 percent, extending a 7 percent
slide on Tuesday.
The semiconductor sub-index <.TSII> fell 3.76 percent.
Adding gloom to the semiconductor industry was news that
industry association SEMI said global sales of semiconductor
equipment were expected to fall 28 percent to $30.9 billion this
year due to deteriorating world economies. [ID:nL2371377]
However, tourism shares <.THOI> bucked the downward trend
with a 5.09 percent jump after local media reported China's Amway
had decided to send 13,000 of its employees on a junket to Taiwan
in March next year, including visits to Taichung and Kaoshiung.
HOT STOCKS
Powerchip <5346.TWO>, Taiwan's top DRAM maker, fell 3.56
percent after its chairman urged the government to devise ways to
support the slowing DRAM industry. [ID:nT277044]
- - - -
AU Optronics <2409.TW>, the world's No.3 flat panel maker,
and Chi Mei Optoelectronics Corp <3009.TW> both fell more than 1
percent.
LCD shares were pressured after market research firm IDC late
on Tuesday trimmed its forecast for global LCD TV shipments this
year due to the economic slowdown.
But IDC expects the LCD TV shipments to grow next year as
lower prices boost new demand. [ID:nTP218874]
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -1.14 percent
Close on day 4,307.26
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$=T$33.5)
(Reporting by Gina Chang; Editing By Keiron Henderson)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks <0#.INDEX> Currency rates
Dow Jones/NASDAQ <.DJI> <.IXIC> Nikkei <.N225>
FTSE 100 <.FTSE> Debt <0#USBMK=>
Taiwan dollar
TAIWAN MARKET:
Taiwan equity mkt
Other indices <0#.INX.TW> TAISDAQ <.TWOII><.TV.TWO>
TAIMEX Taiwan index futures <0#TX:> MSCI Taiwan index <.MSTW>
SIMEX Taiwan index futures <0#STW:> FTSE TW50 index <.FTSETW50>
Keywords: MARKETS TAIWAN STOCKS
For Related News, Double Click on one of these codes:
[E] [Z] [MF] [PSC] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [STX] [EMRG] [LEN] [RTRS] [.TW] [.TWII] [.MSTW]
For Relevant Price Information, Double Click on one of these codes:
<.TWII> <.MSTW>
Wednesday, 03 December 2008 14:11:43RTRS [nTP268907] {EN}ENDS
Tuesday, December 2, 2008
TWD 02 Dec
17:22 02Dec2008 RTRS-Foreign funds drag Taiwan dlr to 1-½ mth low
(Adds close, details)
TAIPEI, Dec 2 (Reuters) - The Taiwan dollar weakened to a 1-½ month closing low on Tuesday on foreign fund outflows, as sharp slides in regional currencies further dampened investor confidence on a day when most Asian stocks slumped.
The Taiwan dollar fell for a second straight day to close at T$33.489 to the U.S. dollar from the previous close of T$33.350, its lowest close since Oct. 27. It had fallen to an intraday low of T$33.516 in early trade.
Volume on the Taipei Forex Inc. exchange was thin at $778 million, but above the previous session's $675 million.
"The Korean won and other regional currencies fell today and that dragged the Taiwan dollar down," said a dealer in Taipei.
"The stock market falling here in Taiwan and around Asia also didn't help things very much."
The Taiwan dollar frequently tracks the South Korean won as both economies share similar trade policies and depend heavily on their export-reliant tech sectors.
Both the won and the Chinese yuan fell against the U.S. dollar on Tuesday, with the yuan hitting the bottom of its daily trading band for a second straight day.
The local currency was also dragged down by Taiwan stocks <.TWII>, which fell 3.6 percent, tracking heavy losses on Wall Street and as chip bellwether TSMC <2330.TW> slid after the company cut its sales and margin forecasts.
However, the Taiwan dollar received some support from exporters who moved in when the local currency weakened to below T$33.500, dealers said.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
Dealers said they expected the Taiwan dollar to weaken further to about T$33.700 to T$33.800 before the end of the year.
The Taiwan dollar has lost 12 percent since hitting a 10-1/2-year high in late March, mainly due to increasing economic worries linked to the global financial crisis.
Six-month NDFs were quoted at -0.010/0.030, compared with -0.100/-0.050 in the previous session, indicating that the market expects levels of the Taiwan dollar to be weaker than earlier expected.
On the smaller Cosmos exchange, the Taiwan dollar fell to T$33.480 to the U.S. dollar from the previous close of T$33.349.
(Reporting by Kelvin Soh and Lin Miao-jung; Editing by Lee Chyen Yee)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net))
Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
[M] [T] [Z] [MF] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [FRX] [EMRG] [LEN] [RTRS] [TWD/] [TWD=TP]
For Relevant Price Information, Double Click on one of these codes:
Tuesday, 02 December 2008 17:22:20RTRS [nTP255144] {EN}ENDS
(Adds close, details)
TAIPEI, Dec 2 (Reuters) - The Taiwan dollar weakened to a 1-½ month closing low on Tuesday on foreign fund outflows, as sharp slides in regional currencies further dampened investor confidence on a day when most Asian stocks slumped.
The Taiwan dollar
Volume on the Taipei Forex Inc. exchange was thin at $778 million, but above the previous session's $675 million.
"The Korean won and other regional currencies fell today and that dragged the Taiwan dollar down," said a dealer in Taipei.
"The stock market falling here in Taiwan and around Asia also didn't help things very much."
The Taiwan dollar frequently tracks the South Korean won
Both the won and the Chinese yuan
The local currency was also dragged down by Taiwan stocks <.TWII>, which fell 3.6 percent, tracking heavy losses on Wall Street and as chip bellwether TSMC <2330.TW> slid after the company cut its sales and margin forecasts.
However, the Taiwan dollar received some support from exporters who moved in when the local currency weakened to below T$33.500, dealers said.
Exporters generally prefer a weaker Taiwan dollar as it allows them to get more of the local currency for every U.S. dollar.
Dealers said they expected the Taiwan dollar to weaken further to about T$33.700 to T$33.800 before the end of the year.
The Taiwan dollar has lost 12 percent since hitting a 10-1/2-year high in late March, mainly due to increasing economic worries linked to the global financial crisis.
Six-month NDFs were quoted at -0.010/0.030, compared with -0.100/-0.050 in the previous session, indicating that the market expects levels of the Taiwan dollar to be weaker than earlier expected.
On the smaller Cosmos exchange
(Reporting by Kelvin Soh and Lin Miao-jung; Editing by Lee Chyen Yee)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging:kelvin.soh.reuters.com@reuters.net))
Keywords: MARKETS TAIWAN CURRENCY/
For Related News, Double Click on one of these codes:
[M] [T] [Z] [MF] [RNP] [DNP] [PTD] [PMF] [TW] [ASIA] [FRX] [EMRG] [LEN] [RTRS] [TWD/] [TWD=TP]
For Relevant Price Information, Double Click on one of these codes:
Tuesday, 02 December 2008 17:22:20RTRS [nTP255144] {EN}ENDS
TW market 1202
14:32 02Dec2008 RTRS-Taiwan stocks fall 3.6 pct as TSMC slides
* Market tracks Wall Street losses in thin trade
* TSMC drops 7 pct after cutting sales forecasts
* Financials sink despite talk of gov't bailout
(Adds details, quote)
By Gina Chang
TAIPEI, Dec 2 (Reuters) - Taiwan stocks fell 3.6 percent on
Tuesday, tracking heavy losses on Wall Street and as chip
bellwether TSMC <2330.TW> slid after the company cut its sales
and margin forecasts for the current quarter.
The main TAIEX share index <.TWII> ended down 161.45 points
at 4,356.98, after a Wall Street plunge on Monday saw the major
indexes drop more than 7 percent.
Turnover was thin at T$54 billion ($1.6 billion), down from
T$66.9 billion a day earlier.
"News of TSMC's forecast cut triggered a heavy sell-off in
tech shares today," said Nigel Lee, a portfolio manager at
National Investment Trust Co Ltd.
"We recommend investors reduce their holdings of tech shares
in the short term as visibility for technology companies won't be
clear for the next one to two quarters," said Lee, who expected
the TAIEX to trade between 4,200-4,500 points this week.
Taiwan Semiconductor Manufacturing Co (TSMC), the
world's top contract chip maker and the market's most active
stock by turnover, fell by its 7 percent daily limit after
cutting its fourth-quarter sales and profit margin forecasts, due
to weaker shipments amid a global slowdown. [ID:nTP242959]
TSMC's smaller rival United Microelectronics Corp (UMC)
<2303.TW> also ended limit-down and other memory chip
shares lost ground, dragging the semiconductor sub-index <.TSII>
6.41 percent lower.
Cathay Financial <2882.TW>, the island's largest listed
financial holding firm, fell 5.65 percent, pushing the financial
sub-index <.TFNI> down 4.33 percent.
Financial shares ignored local reports that the Taiwan
government could consider a bailout proposal for the sector.
Taiwan's Financial Supervisory Commission Chairman Sean Chen
said on Monday the government may consider a plan to help banks
issue debt that would be bought by the government, local media
reported on Tuesday.
"This plan will be positive for financial institutions, but
the effect won't be great," said Karen Lin, a fund manager of
Paradigm Asset Management.
"What financial firms are more concerned about is that they
might not be able to get their money back if more companies, such
as DRAM makers, fail."
Taiwan's DRAM chip makers have been licking their wounds from
over one year of heavy losses caused by tumbling chip prices and
sluggish demand.
Taiwan's government has recently loosened loan and payment
conditions to help cash-strapped firms, partly on fears that
their local lenders could feel ripple effects from any failures.
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -3.57 percent
Close on day 4,356.98
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks
* Market tracks Wall Street losses in thin trade
* TSMC drops 7 pct after cutting sales forecasts
* Financials sink despite talk of gov't bailout
(Adds details, quote)
By Gina Chang
TAIPEI, Dec 2 (Reuters) - Taiwan stocks fell 3.6 percent on
Tuesday, tracking heavy losses on Wall Street and as chip
bellwether TSMC <2330.TW> slid after the company cut its sales
and margin forecasts for the current quarter.
The main TAIEX share index <.TWII> ended down 161.45 points
at 4,356.98, after a Wall Street plunge on Monday saw the major
indexes drop more than 7 percent.
Turnover was thin at T$54 billion ($1.6 billion), down from
T$66.9 billion a day earlier.
"News of TSMC's forecast cut triggered a heavy sell-off in
tech shares today," said Nigel Lee, a portfolio manager at
National Investment Trust Co Ltd.
"We recommend investors reduce their holdings of tech shares
in the short term as visibility for technology companies won't be
clear for the next one to two quarters," said Lee, who expected
the TAIEX to trade between 4,200-4,500 points this week.
Taiwan Semiconductor Manufacturing Co (TSMC)
world's top contract chip maker and the market's most active
stock by turnover, fell by its 7 percent daily limit after
cutting its fourth-quarter sales and profit margin forecasts, due
to weaker shipments amid a global slowdown. [ID:nTP242959]
TSMC's smaller rival United Microelectronics Corp (UMC)
<2303.TW>
shares lost ground, dragging the semiconductor sub-index <.TSII>
6.41 percent lower.
Cathay Financial <2882.TW>, the island's largest listed
financial holding firm, fell 5.65 percent, pushing the financial
sub-index <.TFNI> down 4.33 percent.
Financial shares ignored local reports that the Taiwan
government could consider a bailout proposal for the sector.
Taiwan's Financial Supervisory Commission Chairman Sean Chen
said on Monday the government may consider a plan to help banks
issue debt that would be bought by the government, local media
reported on Tuesday.
"This plan will be positive for financial institutions, but
the effect won't be great," said Karen Lin, a fund manager of
Paradigm Asset Management.
"What financial firms are more concerned about is that they
might not be able to get their money back if more companies, such
as DRAM makers, fail."
Taiwan's DRAM chip makers have been licking their wounds from
over one year of heavy losses caused by tumbling chip prices and
sluggish demand.
Taiwan's government has recently loosened loan and payment
conditions to help cash-strapped firms, partly on fears that
their local lenders could feel ripple effects from any failures.
--------------------TAIEX IN PERSPECTIVE--------------------
Move on day -3.57 percent
Close on day 4,356.98
2008 intraday high 9,309.95
2008 intraday low 3,955.43
All time high 12,682.41 12 FEB 1990
------------------------------------------------------------
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(US$1=T$33.5)
(Reporting by Gina Chang; Editing by Jonathan Hopfner)
((gina.chang@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:gina.chang.thomsonreuters.come@reuters.com))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
Technology news [TOP/TECH] Telecoms news [TOP/TELCO]
Media news [TOP/MEDIA] Banking news [TOP/FIN]
Politics/General news [TOP/G] Asia Macro data
A multimedia version of Reuters Top News is available at:
http://topnews.session.rservices.com
LIVE PRICES & DATA:
World Stocks
Monday, December 1, 2008
TW market 1201
14:25 01Dec2008 RTRS-Financials push Taiwan stocks to 2-wk closing high
* Financials surge on hopes of closer cross-strait ties
* Tourism shares climb as more Chinese visitors expected
* Techs pare early losses to close up
(Adds details, quotes)
By Kelvin Soh
TAIPEI, Dec 1 (Reuters) - Taiwan stocks rose 1.3 percent to a
fresh two-week closing high on Monday, as financial shares such
as Taishin Financial <2887.TW> surged on expectations of the
signing of a cross-strait financial services agreement.
The main TAIEX share index <.TWII> closed 57.94 points higher
at 4,518.43, its highest close since Nov. 12, as tourism shares
also gained on hopes of higher Chinese tourist numbers.
The banking and insurance sub-index <.TFNI> jumped 4.02
percent, while Taishin rose by its 7 percent daily limit.
Turnover was thin at T$66.9 billion ($2 billion), but higher
than Friday's T$57.7 billion, and was the highest level in about
three weeks.
"We expect the cross-strait financial services agreement to
be signed in the first half of next year, so that is pushing
financial stocks up," said Andy Wu, an analyst at Reliance
Securities.
"Sean Chen (the newly appointed chairman of the Financial
Supervisory Commission) is also more interventionist than his
predecessor, so I think the market expects more support if there
is trouble."
Tourism shares got a boost from local media reports that
Taiwanese companies were sending their Chinese employees to
Taiwan for junkets.
The island's two major airlines, China Airlines <2610.TW> and
Eva Airways <2618.TW>, both went limit up as an increase in
Chinese tourists would be good for their load factors.
Hotel operators also benefited, with Ambassador Hotel
<2704.TW> climbing limit up. The tourism <.THOI> and transport
<.TTPI> sub-indexes both closed more than 3 percent higher.
"Airline share prices have been falling for a while now,"
said Theresa Chueh, an analyst at Taiwan International
Securities.
"They were first hit by surging oil prices when the economy
was doing well, then they were hit by fears of falling demand
when the economy was doing badly, so there is some correction
today."
The tech sector also managed to fight off a slew of bad news,
with the electronics sub-index <.TELI> closing 0.46 percent
higher.
Hon Hai <2317.TW> was 1.4 percent higher at the session's
close, after its subsidiary Foxconn <2038.HK> announced on Friday
it would lay off 1,500 workers in Hungary, more than half of its
total workforce in the country, as orders waned. [ID:nLS706715]
Top contract chipmaker TSMC <2330.TW> also managed to shake
off the morning's losses to close unchanged after it told
department heads to cut costs by 20 percent. [ID:nLS695788]
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(Editing by Jonathan Hopfner)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:kelvin.soh.reuters.com@reuters.net))
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS]
S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
DIARIES & DATA:
IPO diary & data Asia earnings diary [ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary [WEU/EQTY]
Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O]
Eurostocks Week Ahead [.EU/O] World forecasts
TOP NEWS:
For top Asian company news, double click on: [nTOPEQA]
U.S. company news [TOP/EQU] European company news [TOP/EQE]
Forex news [TOP/FRX] Global Economy news [TOP/MACRO]
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Monday, 01 December 2008 14:25:33RTRS [nTP217786] {EN}ENDS
* Financials surge on hopes of closer cross-strait ties
* Tourism shares climb as more Chinese visitors expected
* Techs pare early losses to close up
(Adds details, quotes)
By Kelvin Soh
TAIPEI, Dec 1 (Reuters) - Taiwan stocks rose 1.3 percent to a
fresh two-week closing high on Monday, as financial shares such
as Taishin Financial <2887.TW> surged on expectations of the
signing of a cross-strait financial services agreement.
The main TAIEX share index <.TWII> closed 57.94 points higher
at 4,518.43, its highest close since Nov. 12, as tourism shares
also gained on hopes of higher Chinese tourist numbers.
The banking and insurance sub-index <.TFNI> jumped 4.02
percent, while Taishin rose by its 7 percent daily limit.
Turnover was thin at T$66.9 billion ($2 billion), but higher
than Friday's T$57.7 billion, and was the highest level in about
three weeks.
"We expect the cross-strait financial services agreement to
be signed in the first half of next year, so that is pushing
financial stocks up," said Andy Wu, an analyst at Reliance
Securities.
"Sean Chen (the newly appointed chairman of the Financial
Supervisory Commission) is also more interventionist than his
predecessor, so I think the market expects more support if there
is trouble."
Tourism shares got a boost from local media reports that
Taiwanese companies were sending their Chinese employees to
Taiwan for junkets.
The island's two major airlines, China Airlines <2610.TW> and
Eva Airways <2618.TW>, both went limit up as an increase in
Chinese tourists would be good for their load factors.
Hotel operators also benefited, with Ambassador Hotel
<2704.TW> climbing limit up. The tourism <.THOI> and transport
<.TTPI> sub-indexes both closed more than 3 percent higher.
"Airline share prices have been falling for a while now,"
said Theresa Chueh, an analyst at Taiwan International
Securities.
"They were first hit by surging oil prices when the economy
was doing well, then they were hit by fears of falling demand
when the economy was doing badly, so there is some correction
today."
The tech sector also managed to fight off a slew of bad news,
with the electronics sub-index <.TELI> closing 0.46 percent
higher.
Hon Hai <2317.TW> was 1.4 percent higher at the session's
close, after its subsidiary Foxconn <2038.HK> announced on Friday
it would lay off 1,500 workers in Hungary, more than half of its
total workforce in the country, as orders waned. [ID:nLS706715]
Top contract chipmaker TSMC <2330.TW> also managed to shake
off the morning's losses to close unchanged after it told
department heads to cut costs by 20 percent. [ID:nLS695788]
For a table of foreign trading in Taiwan stocks, double-click
on [ID:nTP170358]
(Editing by Jonathan Hopfner)
((kelvin.soh@thomsonreuters.com; +886 2 2508-0815; Reuters
Messaging:kelvin.soh.reuters.com@reuters.net))
ASIA-PACIFIC STOCK MARKETS:
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S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW]
Australia/NZ.........[.AX] India.......[.BO] China......[.SS]
OTHER MARKETS:
Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/]
Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/]
ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/]
Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU]
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Keywords: MARKETS TAIWAN STOCKS
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Monday, 01 December 2008 14:25:33RTRS [nTP217786] {EN}ENDS
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