By Vivian Chu, CBS.MarketWatch.com
HONG KONG (CBS.MW) – Shares of leading Taiwanese chipmakers edged up higher on Wednesday, shrugging off a 1.2 percent decline in the Nasdaq and a 4.1 percent slump in the Philadelphia Stock Exchange’s Semiconductor Index.
Shares of Powerchip Semiconductor edged down 0.43 percent, or 20 cents, to 46.00 Taiwan dollars. Shares of industry giant Taiwan Semiconductor Manufacturing Co. /zigman2/quotes/204359850/composite TSM -1.43% ended flat at 124.00 Taiwan dollars, after falling as much as 4.03 percent during the day. The world’s biggest microchip foundry said last Friday that its August sales surged 129 percent year-on-year to hit a record on continued growth in the global microchip market.
In Singapore, Chartered Semiconductor Manufacturing rose 0.82 percent, or 10 cents, to 12.30 Singapore dollars.
Japanese chipmakers ended Wednesday in a mixed showing. Shares of the country’s biggest personal computer maker Fujitsu Ltd. /zigman2/quotes/208783738/delayed FJTSY +1.36% edged up 0.7 percent, or 20 yen, to 2,835. The company’s wholly owned Internet service provider Nifty Corp. said on Wednesday that it would tie-up with T-Online, the Internet service provider of Germany’s Deutsche Telekom /zigman2/quotes/213490072/composite DT -0.89% .
Shares of Japan’s largest chipmaker NEC Corp. slipped 0.5 percent, or 15 yen, to 2,780. The company announced it had inked new licensing agreements including payment of royalties to Rambus Inc. /zigman2/quotes/208867483/composite RMBS -0.88% for use of its memory chip designs in a wide range of products, and would co-develop a new memory chip. The agreement headed off a legal dispute that loomed between the two companies.
Shares of Mitsubishi Electric Corp. /zigman2/quotes/206004588/delayed MIELY -1.05% fell 4.1 percent, or 39 yen, to 918. The company is under fire after admitting on Monday that it had hidden potentially dangerous problems with its TV sets in the past 10 years, forcing it to recall 45,000 sets sold in Japan.
Shares of Toyota Motor Corp. /zigman2/quotes/207653022/delayed TOYOF -0.79% rose 0.5 percent, or 20 yen, to 4,290, even after the nation’s worst rains in a century forced the automaker to suspend operations at its plants in Aichi, central Japan, on Tuesday. The suspension is expected to have affected output of 17,000 autos, but operations are set to resume Wednesday afternoon, Dow Jones reported.
In Sydney, shares of volume leader Telstra Corp. /zigman2/quotes/222659809/composite TLS -1.40% continued their slide from recent sessions and fell 3.5 percent, or 11 cents, to 3.05 Australian dollars. Investors remained concerned over the company’s future earnings prospects following its alliance with Hong Kong’s Pacific Century CyberWorks .
However, shares of Rupert Murdoch’s News Corp. /zigman2/quotes/204787942/composite NWS 0.00% rallied 4.5 percent, or 1.09 dollars, to 25.19 Australian dollars. The company will begin a global roadshow to investors on October 14 for the spin-off of its satellite assets. The IPO, which could raise up to $5 billion, could be the biggest-ever media float, reported the Australia Financial Review on Wednesday.
Markets in South Korea and Hong Kong were closed on Wednesday and will re-open on Thursday.