Wed, Dec 22, 2004 - Page 11 News List

Business Briefs

STAFF WRITER,WITH AGENCIES

Shares end flat as value falls

Shares ended flat yesterday, with gains in the steel sector offsetting a pullback in technology stocks, analysts said.

The TAIEX finished up 1.91 points, or 0.03 percent, at 5,987.85.

Advancers outnumbered decliners 447 to 205 with 196 stocks unchanged. Trading value fell to NT$53.83 billion (US$1.66 billion) from NT$56.67 billion on Monday.

Investors were cautions ahead of a meeting by China's parliament Dec. 25-29 to discuss an anti-secession law, apparently aimed at Taiwan, analysts said.

Ministry scraps export limit

Minister of Economic Affairs Ho Mei-yueh (何美玥) yesterday announced the lifting of a restriction on steel-scrap exports, citing the recent stabilization of international steel prices.

The measure, which required steel makers to apply for the ministry's approval before exporting scrap steel, was imposed to ensure steel supply to local industries when steel prices surged to about NT$17,500 per tonne in March.

Taiwan exported 61,000 tonnes of steel scrap last year. After the restriction was introduced, the volume dropped to 28,000 tonnes during March to mid November, the statistics showed.

NT dollar rises on fund inflows

The New Taiwan dollar strength-ened for the first day in three after overseas investors increased purchases of the nation's stocks.

Money managers abroad yesterday bought a net NT$4.4 billion (US$136 million) of Taiwan's shares, more than double the previous day and taking this year's investment to US$8.1 billion, according to the Taiwan Stock Exchange.

Turnover was US$469 million.

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