■ Indicators rise for 7th month
The nation's composite index of leading economic indicators rose for a seventh straight month in March, indicating economic expansion is continuing, the Council for Economic Planning and Development said yesterday. The leading indicators rose 0.8 percent month on month in March after a revised 1.1 percent increase in February, the council said. Five of seven index components rose last month, including the M1B money supply, the stock market, the wholesale price index, land approvals for construction, and manufacturing-sector working hours. The council reported that the coincident indicator, a baro-meter of economic conditions, flashed yellow-red for a fourth month in a row, indicating that the economy remains solid.
■ NPL ratio falls to 4.14%
Banks had NT$609.2 billion (US$18.4 billion) of overdue loans at the end of last month, with the bad-loan ratio falling to 4.14 percent from 4.33 percent on Dec. 31, the Bureau of Monetary Affairs said in a statement. The banks had a total of NT$841.4 billion of loans classified as non-performing or under surveillance, about 5.72 percent of total lending, at the end of March, compared to NT$886.6 billion, or 6.1 percent on Dec. 31. The banks' non-performing loan ratio reached a record high of 8.09 percent in April 2002.
■ TAIEX dropped on profit-taking
Shares finished lower Tuesday on profit-taking and investor caution ahead of President Chen Shui-bian's (陳水扁) inaugural speech, analysts said. The TAIEX closed down 63.90 points, or 1 percent, to 6,646.80. Decliners outnumbered advancers 649 to 172, with 141 stocks unchanged. Trading dropped to NT$107.70 billion (US$3.25 billion), compared to Monday's NT$108.15 billion. Analysts said investors believed expectations of solid first-quarter earnings for listed companies are already reflected in share prices. ``Investors were not excited that a number of local companies are set to post strong first-quarter results,'' said Jose Lee, an analyst at First Taisec Securities. ``Companies' prospects for the second quarter are the market focus now.''
■ Chunghwa's income rises 20%
Chunghwa Telecom Co (中華電信) said net income rose 20 percent as revenue from more profitable wireless services equaled sales from the company's fixed-line business for the first time. Profit rose to NT$12.9 billion (US$390 million) from NT$10.8 billion a year earlier, Chunghwa said in a statement. Sales for the quarter rose 3.2 percent to NT$45.6 billion. Revenue from wireless operations rose 7.8 percent to NT$17.4 billion, and sales from fixed-line services dropped 6.7 percent to NT$17.8 billion. The company said it had 8.1 million mobile-phone subscribers at the end of last month, a drop from 8.3 million at the end of last year.
■ BenQ 1st-quarter profit doubles
BenQ Corp (明基電通), the nation's largest mobile-phone maker, said first-quarter profit doubled on gains from selling assets and increased profit from handset sales. Net income jumped to NT$3.1 billion (US$93 million) from NT$1.5 billion a year ago. Sales rose two-thirds to NT$38.7 billion.
■ NT dollar rises
The New Taiwan dollar yesterday maintained its strength against its US counterpart, rising NT$0.018 to close at NT$33.044 on the Taipei foreign exchange market. Turnover was US$454 million.
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