Taiwan's IC substrate stocks are getting hit hard, bad news for holders of the sector's three big names, even as the wider Taiwan market opens higher.

• Nan Ya PCB fell limit-down after word spread it won't raise BT substrate prices in the fourth quarter, because raw material costs have stopped climbing as fast.
• Unimicron briefly climbed back above NT$1,000 then turned negative, and Kinko also opened strong before sliding — the whole substrate group is under pressure.
• The pain follows an earlier scare at Unimicron over questions about where its products were really made.
• The underlying business is still fine: Nan Ya PCB's third-quarter revenue is seen up 20% from the prior quarter on better factory use in Kunshan and rising BR substrate prices.
• Elsewhere, Taiwan's main index opened up sharply after US stocks rallied and bond yields backed off their highest levels since late 2023, and a wave of high-dividend ETFs is lining up payouts this month.

Outlook: Substrate shares look set for more choppy trading until there's clarity on whether price hikes resume in early 2027.