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Steelmakers boost TAIEX
LOOKING UP:
China is the world's top steel producer but now it says it may actually import more steel in order to help its companies meet domestic demand
BLOOMBERG, TAIPEI
Thursday, Jan 23, 2003, Page 11
| Market highlights |
| *The TAIEX rose 47.40, or 1 percent, to close at 4,993.27.
* The value of trade was NT$107.6 billion.
* China Steel gained NT$0.60 NT, or 2.5 percent, to NT$24.20.
* Steelmaker Yieh Phui Enterprise rose NT$2.50, or 6.8 percent, to NT$39.20.
* Financial company SinoPac Holdings Co rose NT$0.25, to NT$15.
* Fubon Financial Holding Co rose NT$0.50 to NT$29.70.
* It was a bad day for computer parts makers. Hon Hai Precision Industry Co fell NT$8.50 to NT$115.50; and AmTRAN Technology Co fell NT$2.40 to NT$34.20.
SOURCE: BLOOMBERG
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Stocks gained, paced by China Steel Corp (中鋼) and other steelmakers, after China said it may import more steel products to meet demand from auto and home appliance makers.
The TAIEX rose 47.40, or 1 percent, to close at 4,993.27. There were three gainers for every two decliners. The value of trade was NT$107.6 billion.
China, the world's top steel producer, will import more steel products to meet demand that's expected to reach 215 million tonnes and may produce 9.4 percent more steel products, the State Economic & Trade Commission said.
"The investment story is steel," said Jeffrey Hsieh, who manages NT$370 million (US$11 million) in Taiwan equities at United Securities Investment Trust Corp (聯合投信).
"It's linked to rising prices that's to do with demand from China, " he said.
China Steel gained NT$0.60 NT, or 2.5 percent, to NT$24.20.
Yieh Phui Enterprise (燁輝), which makes galvanized steel coils, rose NT$2.50, or 6.8 percent, to NT$39.20.
AmTRAN Technology Co (瑞軒科技) fell NT$2.40, or 6.6 percent, to NT$34.20. The maker of personal-computer monitors for customers such as Fujitsu Siemens Computer Holding BV fell short of its pretax profit forecast last year by almost a quarter, a local newspaper reported.
SinoPac Holdings Co (建華金控) rose NT$0.25, or 1.7 percent, to NT$15. Profit at SinoPac, which has the second-highest percentage of overseas shareholders among Taiwan's financial companies, may rise as much as a fifth to more than NT$4 billion from a consolidated NT$3.5 billion last year, said Paul Lo (盧正昕), chief executive officer. SinoPac also said it's in talks over the possibility of acquiring smaller rivals or being taken over.
Fubon Financial Holding Co (富邦金控) rose NT$0.50, or 1.7 percent, to NT$29.70. Ministry of Finance amended rules to let brokers open offices in China in a further easing of restrictions on Chinese investments, the Securities & Futures Commission said in a statement.
Hon Hai Precision Industry Co (鴻海精密) fell NT$8.50, or 6.9 percent, to NT$115.50 after the Taiwan Stock Exchange said company chairman Terry Kuo (郭台銘) and his wife plan to sell 20 million shares of the computer-parts maker.
The sell-off will raise funds for Hon Hai's investment in a flat-panel display making unit, a local newspaper reported.
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