Breaking News, World News and Taiwan News.

Taiwan shares rebound to over 9,500 mark

TAIPEI, Taiwan -- Shares in Taiwan staged a rebound Monday to return to above the 9,500-point level as concerns eased over banking woes in Portugal, analysts said.

The U.S. dollar rose against the Taiwan dollar Monday, gaining NT$0.011 to close at the day's high of NT$30.001. Turnover totaled US$663 million during the trading session.

The greenback opened at NT$29.990 and moved to a low of NT$29.916 before rebounding.

The weighted index on the Taiwan Stock Exchange closed up 24.46 points, or 0.25 percent, at 9,520.30, after moving between 9,488.12 and 9,545.99 on turnover of NT$109.89 billion (US$3.67 billion).

The index fell about three quarters of a percent on Friday to 9,495.84 on fears over the soundness of Portugal's biggest bank.

The financial sector's sub-index made the biggest gain at 2 percent, followed by optoelectronics (1.8 percent), machinery (1.3 percent) and tourism (1.1 percent). The electronics sub-index was down 0.17 percent.

Among the bellwether electronics stocks, Largan Precision Co. (大立光電) saw its share price close at a new high of NT$2,560, while Taiwan Semiconductor Manufacturing Co. (TSMC,台積電) fell NT$1 to NT$132.5.

TSMC, Largan to give Q3 Guidance

TSMC and Largan Precision are slated to host their regular institutional investors' meeting on July 16th and 17th, respectively.

TSMC is expected to release its second-quarter results and give its third quarter guidance July 16 at an investor conference.

Citing strong demand in the second quarter, Barclays Capital forecast TSMC earnings per share of NT$2.17 for the April-June period, compared with NT$1.85 in the first quarter.

TSMC earlier said it will benefit in the second half of the year from higher shipments of chips on the more sophisticated 20 nanometer (nm) process, which are expected to make up 10 percent of its total sales in the third quarter and 20 percent in the fourth quarter.

The chip-maker kicked off commercial production of chips on the 20nm process in January.

Largan Precision will hold an investors conference Thursday the 17th. Institutional investors indicated that it is rumored Largan will announce the second-quarter profit and gross profit margin Thursday with a possibility of both results beating forecasts.

Largan's second-quarter gross profit margin has an opportunity to increase to nearly 60 percent with single-quarter earnings per share (EPS) exceeding NT$25 and 2014 EPS surpassing NT$100.

Largan posted June revenue of NT$3.41 billion and a third consecutive single month revenue record. Consolidated revenues for the second quarter grew sequentially 47 perent to exceed NT$10 million for the first time, setting a new single quarter revenue record.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   Terms of Use  |   Sitemap
  chinapost search