■ Shares rise for a second day
Shares rose for a second day yesterday with foreign investors snapping up stocks that had fallen to attractive levels. Tourism and transportation stocks led the gains.
The TAIEX gained 17.31 points, or 0.3 percent, at 5,988.37. The main board's rise followed a 2.1 percent rally on Wednesday.
Analysts said demand from both foreign and domestic investors pushed up prices yesterday as many companies have reported solid revenue for last month and some stocks offer good value after recent falls.
Net buying of Taiwan shares by foreign institutional investors was particularly heavy yesterday at NT$14.35 billion (US$427 million), representing their largest net buying since the NT$15.78 billion recorded last Feb. 25.
■ Koo's position in jeopardy
Minister of Finance Lin Chuan (林全) yesterday said Angelo Koo (辜仲瑩), president of China Development Financial Holding Corp (中華開發金控), might risk losing his management position in the company if he fails to raise his shareholding to 20 percent as promised.
Koo, whose KGI Securities Co (中信證券) has more than a 6.2 percent stake in China Development, teamed up with the finance ministry -- which has a 7 percent stake in China Development -- to secure the majority of seats on China Development's board in April last year.
According to the agreement he made with the finance ministry, Koo must boost his share to between 15 and 20 percent within two years.
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