The TAIEX gained for the first time in four days yesterday, led by banks, on a Chinese-language report that Fubon Financial Holding Co (
Taiwan Business Bank plans to issue 550 million new shares in March and is planning to present a proposal at the bank's shareholders meeting today. Polaris plans to buy the stake to become the lender's single biggest shareholder, while Fubon is also interested in controlling the bank, the report said.
The TAIEX gained 26.75, or 0.4 percent, to 6,268.14. The index has fallen 2.1 percent in the past four days. Two stocks gained for every one that declined. Taiex Futures for February delivery rose 0.8 percent to 6,285.
Taiwan Business Bank gained 6.7 percent to NT$10.40. Polaris rose 2.3 percent to NT$17.90. Fubon, the nation's largest property insurer, was unchanged at NT$31.
Computer makers such as Quanta Computer Inc (廣達電腦) fell after Cisco Systems Inc, the world's biggest maker of computer-networking equipment, said orders slowed in the last two weeks of January, dampening expectations that corporate spending is picking up. Quanta fell 3.2 percent to NT$76.
Chunghwa Telecom Co (中華電信) was unchanged at NT$52. The company said sales for this year would ``certainly be higher than that of 2003,'' boosted by demand for high-speed Internet services and pay-on-demand movies. It also plans to pay 90 percent of its 2003 profit as dividend this year, chairman Hochen Tan (賀陳旦) said.
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