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TAIEX sees lackluster 2.81% growth over 7 months

Taiwan stocks saw year-on-year growth of only 2.81 percent in the first seven months, among the lowest in Asia, data showed yesterday.

According to experts, the lackluster performance resulted from various negative factors, including the fuel and electricity price hike and the stock gains tax controversy.

Globally, only six countries reported stock growth of over 10 percent from January to July. Two of the countries most affected by the European debt crisis -- Spain and Italy -- saw their stocks decline by more than 20 percent and 8 percent, respectively, over the first seven months.

The Nasdaq, on the other hand, rose 12.83 percent, while German stocks rose 14.82 percent.

Here in Taiwan, the TAIEX rose 2.81 percent, lower than the 21.4 percent for the Philippines and 16.97 percent for Thailand.

Yet local experts still expressed optimism. Yeh Hung-ju, vice president with J. P. Morgan Asset Management, said with the TAIEX recently surpassing its monthly and quarterly moving averages, it is likely to hit 7,422 reached at the beginning of July.

The TAIEX closed at 7,267.96 on Wednesday. Trade was suspended yesterday due to Typhoon Saola.

Separately, Taiwan Semiconductor Manufacturing Co. (TSMC), the world's leading contract chip-maker, and AU Optronics, the island's leading flat panel maker, posted the highest profit and loss, respectively, during the first half, according to first half results released by listed firms thus far.

In terms of profit, TSMC led with net profit of NT$81.58 billion during the first six months. AU, meanwhile, posted the biggest loss of NT$25.87 billion during the same period.

In terms of earnings per share, smartphone maker HTC led the pack with NT$16.93, although the firm's lowered sales and shipments during the first half have drawn concerns among investors.

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