shares of TSMC stocks.
Do you really think politics is nothing to with TSM stocks?
You are deadly wrong.
DDP is controlling now and those boy scouts will only make thing worse there because they don't know anything but crash the economy on the island.
UPDATE 2-Taiwan to sell $1.3 bln in shares in 2004
Mon September 29, 2003 06:36 AM ET
(adds details, background)
TAIPEI, Sept 29 (Reuters) - The Taiwan government said on Monday it planned to sell some T$45 billion (US$1.3 billion) in stocks next year, including shares in Taiwan Semiconductor Manufacturing Co (TSMC) 2330.TW TSM.N .
Taiwan government advisor Felice Chen denied comments by an opposition lawmaker, who said the government's Development Fund would unload more than T$45.9 billion in TSMC shares alone and accused the government of dumping its most precious assets.
Chen said the Development fund had not decided which shares it would sell to raise the T$45 billion, but added that in past years some 90 percent of the budget had been reached through sales of TSMC, the world's largest contract microchip maker.
"It is still too early to say how many shares we will sell next year, because market conditions will have changed by next year," Chen told Reuters.
She said the fund would aim to minimise local market impact by selling TSMC shares as a secondary issue of American Depository Receipts (ADRs).
The highly liquid issue has gained nearly 70 percent since the beginning of the year, finding a ready market among foreign fund managers as demand for technology products begins to show signs of recovery.
In July, TSMC sold some US$822 million in ADRs in a secondary issue of Development Fund-held shares, as well as some stock owned by company management, as the government raised cash to ease a T$237 billion budget deficit in 2003.
Local media reported People First Party lawmaker Thomas Lee as saying the government planned to sell 6.42 million shares of TSMC at T$71.52 per share, raising some T$45.9 billion.
Despite Lee's comments, TSMC's Taiwan-listed ordinary shares added T$0.50, or 0.76 percent, to close at T$66.50 on Monday, outperforming a slight 0.12 percent drop in the benchmark TAIEX .TWII share index.
The Development Fund, which is aimed at providing funds for promising infant industries, holds a 7.42 percent stake in TSMC and was one of the company's first shareholders.
The Netherlands' Philips Electronics NV PHG.AS holds a more than 20 percent stake in TSMC.
(US$1 = T$33.8)
Every year the mutual funds tend to sell large quantity of stocks in Sept, commonly known as year-end-effect. Trading in this month must follow charts closely.
Look at the brighter side. TSMC u-rate is at 90+%, meaning that TSMC can dictate the $, and all $ goes to the bottom line. Now, do you believe the economy is recovering? go to your local shopping mall. Is parking space more and more difficult to find?