Financials boost bourse
Shares rose to a 14-month high yesterday, led by financial stocks, as investors shifted funds to the sector on concerns over high oil prices.
The TAIEX rose 16.03 points, or 0.3 percent, to 6,373.86 -- the highest level since April 29, last year, when the benchmark index closed at 6,402, on turnover of NT$100.79 billion (US$3.21 billion).
"Compared with technology shares, financial shares are a safer bet for investors [when oil prices are high]," said Andrew Teng (鄧安瀾), sales manager at Taiwan International Securities (金鼎證券).
Shares in Chang Hwa Commercial Bank (彰化銀行) rose 2.5 percent to NT$18.45. Cathay Financial Holding Corp (國泰金控) gained 2.1 percent to NT$63.
MOF plans Q3 bond sale
The government plans to sell NT$100 billion of bonds in the third quarter to help fund spending, the Ministry of Finance (MOF) said yesterday.
The government sold the same amount of bonds in the July-September period last year.
The ministry plans to auction NT$30 billion of five-year bonds on July 15, NT$30 billion of 20-year debt on Aug. 11 and NT$40 billion of 10-year securities on Sept. 7, according to a statement on its Web site.
GM seeking auto parts
General Motors Corp and BorgWarner Inc plan to make automobile-part purchases from Taiwanese companies totaling US$105 million, a Chinese-language newspaper said.
GM will buy NT$1.8 billion of alloy wheels for automobiles from Yuan Feng Industrial Co (源恆), the report said, citing Yuan Feng president Liu Mao-shu (劉茂樹).
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