TAIEX Rises for 3rd Straight Day to 44257 Points
With the National Stabilization Fund stepping in to support the market, the TAIEX closed higher for 3 consecutive trading days, rising 1545.23 points on the 11th, the 6th-largest closing gain in TAIEX history, to close at 44257.15 points, with turnover of NT$8491.65億元. Net selling by foreign investors narrowed to NT$7.66億元, with a cumulative gain of 4555.51 points so far this week. On the board, electronics stocks rose nearly 4%, while financial stocks rose more than 2%.
Profit king among financial holdings Fubon Financial surged 4.25% on the 11th to close at the day's high of 159.5. Although still off its previous high of 164.5, it has surpassed Tokio Marine Newa's 156.5, jumping to become the top financial stock and top financial holding stock. Tokio Marine Newa rose 1.29% on the day.
First-9-Month Profit of 127.22 Billion Takes Double Crown
According to Fubon Financial's self-reported September earnings, consolidated after-tax net profit was NT$6.96 billion, ranking second among financial holdings for the month, behind only CTBC Financial. Cumulative consolidated after-tax net profit for the first 9 months was 1272.2億元, with earnings per share of NT$8.80, both the second-highest for the same period in history, taking the double crown for financial holding profitability.
Through gains on disposal of stocks measured at fair value through other comprehensive income, financial holdings totaled NT$9.32 billion in September and a cumulative 1227.4億元 for the first 9 months. October earnings for the latest month are expected to be released soon.
After Overtaking 3-Year No.1, Outlook Remains to Be Seen
Looking back, Fubon Financial hit a new intraday high of 164.5 on October 16, then pulled back, closing at 155.5 on November 5. On November 6 the TAIEX plunged, falling nearly 3800 points intraday, with Fubon Financial dipping to 140 at one point before closing at 148. After the National Stabilization Fund stepped in, Fubon Financial rebounded back above 150, closing at 159.5 on the 11th.
Tokio Marine Newa overtook Fubon Financial in share price in October 2023 and rose above 100 in mid-2024, serving as the top financial stock for more than 3 years. Fubon Financial's overtaking this time makes it the new financial-stock king, but whether it can hold the throne remains to be seen. The market worries that with the TAIEX's sharp volatility in October, an unfavorable life-insurance investment performance could weigh on the share price ahead. Other financial stocks also performed strongly on the 11th, with First Insurance up 5.52%, Yuanta Financial, Central Reinsurance and Want Want Insurance up more than 3%, Hua Nan Financial, Cathay Financial, Mega Financial, Taishin Shin Kong Financial, First Financial and President Securities up more than 2%, and KGI Financial, E.SUN Financial, SinoPac Financial and CTBC Financial up more than 1%.