Fri, Dec 10, 2004 - Page 11 News List

Business Briefs 

AGENCIES

Shares close higher

Share prices closed 0.36 percent higher yesterday on the back of Wall Street's overnight gains and apparent government support of the local market ahead of tomorrow's legislative polls, dealers said.

The TAIEX closed up 21.46 points at 5,913.97, on turnover of NT$63.81 billion (US$1.98 billion). Gainers led decliners 356 to 278, with 203 stocks unchanged.

The market has been under pressure from concerns that President Chen Shui-bian's (陳水扁) pro-independence party could win its first ever legislative majority tomorrow, raising the risk of further heated exchanges with Beijing.

Against that backdrop, dealers said the government was supporting financials, old-economy stocks and select electronics companies yesterday to prevent any sharp drop in the market.

Chunghwa Telecom posts profits

Chunghwa Telecom Co (中華電信) said profit for the first 11 months of this year totaled NT$47.7 billion (US$1.5 billion).

Earnings per share was NT$4.90 for the 11 months. Last month's sales slipped 0.5 percent from a year earlier to NT$15 billion. Sales fell from NT$15.1 billion in October.

NT dollar falls

The New Taiwan dollar fell after investors abroad yesterday were net sellers of stocks by the most in a week. Overseas fund managers took out a net NT$7.1 billion (US$220 million) of the nation's shares, according to stock exchange figures.

The NT dollar slid NT$0.075, or 0.2 percent, to NT$32.335 against its US counterpart, the weakest close since Nov. 24.

Turnover was US$771 million.

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