Taiex edges higher, New Taiwan dollar depreciates in post-election trade

Taiex edges higher, New Taiwan dollar depreciates in post-election trade

2024-01-15

On the first trading day after the election, Taiwan’s stock market closed slightly higher by 0.19%, or 33 points. The Taiex rose as high as 17,631 points in morning trade. But it was dragged by AI and tourism stocks, which brought the market to a close of 17,562 points.

Hsu Po-chieh
Market analyst
The stock market rose slightly, but there was no significant upward momentum. This could reflect investor concerns, because none of the three parties have a legislative majority. The upcoming speaker and deputy speaker elections, as well as cross-party negotiations among the three parties, will all be variables that affect the market. But the key will lie in the U.S. Dollar Index and the U.S.’ 10-year Treasury bond. Recently we have seen a significant rebound in the U.S. Dollar Index. So as long as the New Taiwan dollar doesn’t depreciate heavily, I think that there’s still room for Taiwan stocks to move higher.

The U.S. dollar rose against Taiwan’s currency on Monday, gaining NT$0.086 to close at NT$31.215. Turnover totaled US$1.621 billion.

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選後第一個交易日股匯不同調! 台股上漲33.99點台幣貶8.6分

2024-01-15

民進黨在大選中突破魔咒，完成史上首度政黨三連霸，讓台股周一開盤掀起慶祝行情，最高衝上17632點，不過盤中AI股走勢疲弱，加上觀光族群也跳水，最後收在17562點，上漲33.99點，漲幅0.19%。

[[資深分析師許博傑]]
“這個股市有稍微的上揚，但並沒有明顯的漲勢，這也顯示出可能市場擔憂，因為三黨不過半，未來整個立法院院長選舉的部分，甚至於是整個三黨，未來協商的區塊，都還是影響整個盤面的變數。不過未來關鍵還是在於整個美元指數，跟整個美國十年期公債殖利率的部分，因為我們最近看到整個美元指數，它是從低檔來做比較明顯的反彈，所以台幣在這裡，只要不要再明顯的出現連續重貶的走勢的話，我想台股還是有機會緩步來做拉升的”

強調美元指數牽動新台幣走向，周一新台幣兌美元收在31.215元，貶8.6分，成交金額16.21億美元。

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In line with precedent, the U.S. has sent a senior delegation to Taiwan in a personal capacity just after the election. The group includes former National Security Adviser Stephen Hadley, former Deputy Secretary of State James Steinberg, and AIT Chair Laura Rosenberger. They were received by President Tsai Ing-wen on Monday, before meeting President-elect Lai Ching-te at the DPP headquarters. During their stay, they will meet other top political leaders, to discuss issues like cross-strait stability after the election.

In the wake of the election, the U.S. has sent senior former officials to Taiwan in a personal capacity, in line with precedent. The delegation includes former U.S. National Security Adviser Stephen Hadley, former U.S. Deputy Secretary of State James Steinberg, and AIT Chair Laura Rosenberger. They arrived on Sunday and were received by President Tsai Ing-wen on Monday.

Tsai Ing-wen
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Your visit is highly meaningful. It fully demonstrates U.S. support for Taiwan’s democracy and highlights the close and staunch partnership between Taiwan and the U.S. We hope that Taiwan-U.S. relations will continue to advance and serve as a key driving force in regional and global prosperity and development.

Stephen Hadley
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I am very honored to have the opportunity to meet with you today to reaffirm that the American commitment to Taiwan is rock-solid, principled and bipartisan, and that the United States stands with his friends. We look forward to continuity in the relationship between Taiwan and the United States under the new administration and for common efforts to preserve cross-strait peace and stability.

James Steinberg
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…based on our unofficial but warm relationship, our insistence on exclusively peaceful means to address the cross-strait issues, the importance of dialogue and the avoidance of unilateral efforts to change the status quo.

The delegation also visited the DPP headquarters to meet President-elect Lai Ching-te and Vice President-elect Hsiao Bi-khim.

Lai Ching-te
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Building on the foundation laid by President Tsai Ing-wen, we will continue to safeguard peace and stability in the Taiwan Strait. We also hope that the U.S. will continue to support Taiwan and deepen mutually beneficial bilateral cooperation in various fields.

In the afternoon, the delegation met separately with KMT Chair Eric Chu, TPP Chair Ko Wen-je, and New Taipei Mayor Hou Yu-ih. During their three-day stay in Taiwan, the group will visit political leaders to exchange views on key issues, such as deepening Taiwan-U.S. ties and cross-strait stability in the wake of the election.

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Sun to Fri at 9:30 pm on Channel 152
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Electoral reform urged to support small parties

In this past election, a minor party ran for the first time and placed fifth in the party-list vote. This was the Taiwan Obasan Political Equality Party, which advocates for children’s rights, labor rights, and environmental protection. Despite winning nearly 130,000 votes, it fell short of the threshold needed to secure a legislative seat. It also failed to meet the threshold for getting government subsidies. On Monday, the party thanked its supporters in a press event. But it criticized the election system for being unfriendly to small parties.

Women chant slogans with children in tow. They’re members of the Taiwan Obasan Political Equality Party, which ranked fifth in the 2024 party-list election, after the KMT, DPP, TPP, and New Power Party.

Lin Shih-han
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Under the current rules, election deposits are returned based on the share of votes received. So that makes smaller parties poorer and poorer with each election. Last year, the Ministry of the Interior proposed an amendment to the Public Officials Election and Recall Act, aiming to adjust the threshold for deposit returns so that it’s based on the total number of votes, rather than the vote share. But the amendment was blocked by KMT and DPP lawmakers. We want smaller deposits that don’t deter smaller parties from participating in politics. We also want to adjust the threshold for deposit returns and how the refunds are calculated.

The party says current rules discourage political participation. In the party-list election, a party needs at least 5% of the votes cast to secure party-list seats. It needs at least 3% of the vote to qualify for an annual government subsidy of NT$50 per vote – a lifeline for small political parties. In this past election, only the DPP, KMT and TPP met the 3% threshold, entitling them to more than NT$100 million in subsidies a year. The New Power Party fell short with 350,000 votes, or 2.5% of the total. The Taiwan Obasan Political Equality Party came in fifth with 0.97%, which meant that donations from supporters were not tax-deductible.

Shen Pei-ling
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Before the electoral system is reformed, please support the Taiwan Obasan Political Equality Party with monthly donations. That way we can continue to produce good policy proposals, run creative political campaigns, and engage in dialogue with society.

Hsu Ying-tsz
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During campaigning, I spoke about how tough it is for a small party. I didn’t put the focus on me personally. And then it turned out we won more than 10,000 votes, so I was a bit surprised. We will continue moving forward. We have another candidate running for city councilor in Zhongli. The two of us will continue to work on issues important to Zhongli.

In order to submit a party list, the Taiwan Obasan Political Equality Party fielded 10 candidates for district seats, and several of them won more than 10,000 votes. The party says it’s the world’s only all-women grassroots party. It’s seeking continued support, so that it can bring greater diversity to Taiwan politics.

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Shih Ming-teh dies aged 83 after battling cancer

Democracy pioneer Shih Ming-teh has died after a long battle against liver cancer. He was 83. The former DPP chair died in the early hours of Monday at Taipei Veterans General Hospital. Hailed as the Nelson Mandela of Taiwan, he fought for democracy during the Martial Law era. He spent 25 years as a political prisoner. Although he split from the DPP in the year 2000, his death has drawn condolences from the leaders of his former party.

Tall and slim, the young Shih Ming-teh was prominent in the democracy movement of the Martial Law era. His presence is documented in these black and white photos.

Shih Ming-teh was born in 1941 in Kaohsiung’s Yancheng District. He was the fourth child in his family, with three older brothers. His father was arrested during the February 28 massacre, leaving him with a deep distrust of authoritarianism.

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Shih Ming-teh’s father was called Shih Kuo-tsui. He was Taiwan’s first practitioner of traditional Chinese medicine, and he specialized in bone-setting and massage. He had more than one wife. My uncle is his oldest grandson from his first wife. So my older cousin and I refer to Shih Kuo-tsui as our Granduncle. During the Kaohsiung Incident, my uncle was implicated due to his familial connection.

Shih Ming-teh is best known for organizing the 1979 Kaohsiung Incident, which made him a top political criminal. Despite having plastic surgery to aid escape, he was caught and repeatedly imprisoned, even facing the death penalty. Hailed as the Nelson Mandela of Taiwan, he spent 25 years behind bars in total, but his dedication to democracy never wavered.

After he was released from prison for the last time, Shih Ming-teh was elected DPP chair in 2004. At the time, he was an ardent supporter of Chen Shui-bian. But due to ideological differences, he quit the party in 2000 and launched an anticorruption movement against then-President Chen. The move caused a rift with many in his former party.

Dressed in red, ex-DPP Chair Shih Ming-teh said he was defending his own reputation. Following the anti-corruption movement, he slowly faded from the political scene.

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After he served as party chair, he called for reconciliation with the opposition party. At the time, that didn’t sit well with a lot of people.

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For more Taiwan news, tune in:
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As dust settles on the 2024 election, experts are predicting changes in the government’s housing policy. President-elect Lai Ching-te may rethink his predecessor’s anti-speculation crackdown. According to real-estate experts, the 2024 election indicates failure in the DPP’s approach to speculation. But Lai is expected to continue current housing subsidies, and potentially even expand them.

Lee Tung-jung
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The Lai administration will basically continue three policies from the Tsai administration. He’ll continue rental subsidies and perhaps even increase them.

Days after the election, experts are weighing in on the outcome’s impact on the housing market. President-elect Lai Ching-te is expected to continue the Tsai administration’s generous housing subsidies, ban on pre-sale transfers, and policy of strict market regulation. But a big U-turn could be coming on the government’s speculation crackdown.

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To an athlete, every swing of the paddle is the release of years of accumulated practice. What Enoch Cheung loves most is capturing these moments through his lens.

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I think the photography environment here is in every way better than in Hong Kong. So after high school I decided to come to Taiwan to study.

Sporting events are Cheung’s favorite subject to photograph. Capturing the slightest movements with the flick of a shutter is a challenge as well as an accomplishment. In 2023, he photographed the national middle school table tennis competition. The photos earned him both an official selection and honorable mention in the non-professional sports category of the year’s International Photography Awards.

Enoch Cheung
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I rushed up the bleachers and shot from above. Just then, the player was making a save, followed by a forehand smash. I was just in time for the shot. By far the most important thing is winning an award for sports photography. It’s a record of my journey from starting out in Hong Kong to now. Winning an award for your photos isn’t an easy thing.

Still in his junior year of college, Cheung often goes out into his community to teach other photography enthusiasts. He encourages them to keep practicing, and they will see a change in themselves.

Enoch Cheung
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After practicing consistently, you can see progress from the early photos to now. The improvement is very clear. For example, suppose you shoot an athlete who doesn’t look very fierce. But then you keep shooting them until they win the championship. There’s such a sense of achievement.

Cheung says that he wishes to keep photographing sports. He also does not rule out staying to work in Taiwanese media after graduation, helping to tell each athlete’s story through his camera.

This story was provided by the program "We Are Family"
Funded by New Immigrant Development Fund

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2024-01-15