Sat, Sep 17, 2005 - Page 11 News List

Business Briefs

AGENCIES

■ TAIEX closes slightly down

Share prices closed 0.84 percent lower yesterday as further weakness in the New Taiwan dollar and fears of margin calls weighed down the market further, dealers said.

A lackluster Wall Street overnight and the central bank's in-line decision to hike interest rates by 12.5 basis points provided no support, with a weakening currency suggesting foreign investors may be taking their money out of the country, they added.

The TAIEX closed down 51.32 points at 6,031.24, on turnover of NT$60.61 billion (US$1.85 billion).

The NT dollar dropped NT$0.098 to close at NT$32.931 against the US dollar on the Taipei foreign exchange market yesterday.

■ Vietnam OKs steel factory

Vietnam has given approval to a Taiwan company to build a US$650 million stainless steel factory in southern Vietnam, an official said yesterday.

Chien Shing Stainless Steel Co (千興) will invest in the project to be located in My Xuan A industrial zone, in Ba Ria-Vung Tau province, a provincial official said.

The factory would produce 720,000 tonnes of hot and cold-rolled steel per year with 80 percent of the output earmarked for export.

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