Fri, Jul 29, 2005 - Page 11 News List

Business Briefs

AGNEICES

■ Bargain hunters boost stocks

Shares ended higher yesterday led by bargain-hunting in technology companies that reported good results for the second quarter or predicted a positive outlook for the third. The TAIEX closed up 48.39 points, or 0.8 percent, to 6,375.64. "Companies that are expected to report decent second-quarter earnings or have given a rosy second-half outlook were especially favored," said Stanley Chou, a manager at Barits Investment Service. Shares in the world's two largest contract chipmakers, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and United Microelectronics Corp (UMC, 聯電), rose on buying by institutional investors, Chou said. TSMC added 1.5 percent to NT$53.90 while UMC gained 1.1 percent to NT$22.75. Mobile phone companies continued to rise on hopes the launch of third-generation services in Taiwan will boost demand for mobile handsets in the next few quarters, analysts said. Compal Communications Inc (華寶通訊), whose largest client is Motorola, jumped by the daily limit of 7 percent to NT$117.5. Wistron Corp (緯創), which makes the X-Box game console for Microsoft, ended 7 percent higher at NT$29.95. "Expectations of rising orders from Microsoft in the second half triggered strong buying in the stock," Chou said.

■ Chinese offered local credit

Qualified Chinese people are now allowed to apply for and use in Taiwan credit cards issued by local financial institutions, which took effect last month, in response to a recommendation made by the European Chamber of Commerce Taipei, the Financial Supervisory Commission said yesterday. Chinese professionals and Chinese expatriates of multinational companies who are granted a stay exceeding six months in Taiwan are now eligible to apply for credit cards in Taiwan to the financial institutions in which they have opened NT-dollar bank accounts, the commission's spokesman Lin Chung-cheng (林忠正) said yesterday. The commission made the decision last month after consulting with Mainland Affairs Council in late May.

■ Fubon denies joint bid

Fubon Financial Holding Co (富邦金控) may team up with Singapore's state-owned investment company, Temasek Holdings, to bid for Taiwan Business Bank (台灣企銀), as the government wants to sell the entire bank to a buyer in late September or early October, a Chinese-language newspaper reported yesterday, without citing sources. Fubon Financial spokesman Victor Kung (龔天行) denied his firm is seeking to partner with Temasek. But he wouldn't rule out the possibility of Fubon Financial working with other companies to bid for government-controlled banks, the report said.

■ Walsin Lihwa plans China plant

Walsin Lihwa Corp (華新麗華), a local electrical copper wire supplier, is expected to increase production capacity by about 30 percent to 450,000 tonnes through the construction of a 100,000 tonne-per-year plant in China, Reuters reported yesterday, citing a company statement. The new plant will be located in Nanjing and is scheduled for completion next year, the company said, without elaborating on the investment value.

■ NT dollar advances

The New Taiwan dollar turned stronger against its US counterpart yesterday, advancing NT$0.013 to close at NT$31.953 on the Taipei foreign exchange market. Turnover was US$711 million, compared with US$805 million the previous day.

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