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Almost all local financial conglomerates reported a monthly drop in net profit last month, as their investment and wealth management businesses were affected by a COVID-19 outbreak in the home market.
Except for SinoPac Financial Holdings Co (永豐金控), whose net profit rose 4 percent sequentially to NT$1.25 billion (US$45.24 million) last month, the 14 other local financial conglomerates said their net profit declined by a high single-digit or double-digit percentage from April.
Cathay Financial Holding Co’s (國泰金控) net profit was halved to NT$7.23 billion last month from NT$14.3 billion in April, as its flagship firm, Cathay Life Insurance Co (國泰人壽), reported a
Taiwan shares rise 1.62%, led by large cap stocks
05/28/2021 05:25 PM
CNA file photo
Taipei, May 28 (CNA) Shares in Taiwan moved sharply higher to close above 16,800-point mark Friday as large cap stocks across the board regained their footing in a strong technical rebound after showing weakness a session earlier, dealers said.
A 0.58 percent gain in the Philadelphia Semiconductor Index overnight helped the bellwether electronics sector, and interest was also strong in raw material stocks, especially the steel sector, on hopes that strong demand will push profits higher, they said.
The Taiex, the weighted index on the Taiwan Stock Exchange (TWSE), ended up 269.25 points, or 1.62 percent, at 16,870.86, after moving between 16,690.04 and 16,889.01. Turnover totaled NT$493.93 billion (US$17.78 billion).
Taiwan shares rally on strong tech gains
05/25/2021 05:42 PM
CNA file photo
Taipei, May 25 (CNA) Shares in Taiwan moved sharply higher Tuesday as the bellwether electronics sector steamed ahead, led by large cap semiconductor stocks, in the wake of a rally by their counterparts on the American markets overnight, dealers said.
Buying also rotated to the petrochemical sector, giving additional support to the broader market, while shipping stocks pulled back from their recent strong upturn throughout the session, dealers said.
The Taiex, the weighted index on the Taiwan Stock Exchange (TWSE), ended up 257.38 points, or 1.58 percent, at 16,595.67, after moving between 16,444.75 and 16,657.60. Turnover totaled NT$527.34 billion (US$18.91 billion).
Taiwan Business Quick Take
Foreigners buy NT$26bn
Foreign investors last week bought a net NT$26.46 billion (US$946.69 million) of local shares after selling a net NT$93.47 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. The top three shares bought by foreign investors last week were Evergreen Marine Corp (長榮海運), Cathay Financial Holding Co (國泰金控) and CTBC Financial Holding Co (中信金控), while the top three sold were HannStar Display Corp (瀚宇彩晶), AU Optronics Corp (友達光電) and Innolux Corp (群創), the exchange said. As of Friday last week, the market capitalization of shares held by foreign investors was NT$22.07 trillion, or 44.29 percent of total market capitalization, it said.