Profit-taking hampers TAIEX
Share prices closed little changed yesterday as profit-taking capped early gains made on follow-through interest and expectations of robust corporate sales data for last month, dealers said.
The TAIEX added 4.84 points at 6,665.60, on turnover of NT$100.78 billion (US$3.1 billion).
"While some investors built positions in early trade, profit-taking emerged to offset the gains," said Tom Tang (湯建源), president at Kai Yuan Securities Investment Consultant Co (開元投顧).
"Such profit-taking is understandable, as the index has risen by around 300 points in eight sessions," he said.
Tang said there was also strong resistance at 6,700 points, while investors were reluctant to take aggressive positions ahead of today's public holiday.
Windows `Lifecycle' ends
Microsoft Taiwan announced yesterday that, starting on July 11, the company would terminate technical support and security updates for Microsoft Windows 98, Windows 98 Second Edition, and Windows Millennium Edition, as part of the Microsoft Lifecycle Policy.
Microsoft recommends that customers who are still running these editions upgrade to a newer Microsoft operating system such as Windows XP as soon as possible to avoid security risks, according to a company statement.
Existing support documents and content, however, will continue to be available through Microsoft's support product solution center Web site for users who may need self-service, the statement said.
Vice premier pans pan-blues
Vice Premier Tsai Ing-wen (蔡英文) said yesterday that politicians from the pan-blue camp presented the biggest challenge to organizing a conference on sustainable economic growth.
She said that she might ask Premier Su Tseng-chang (蘇貞昌) to help negotiate with pan-blue politicians.
Tsai said that it was still the Cabinet's plan to invite politicians from different parties, local executives, civic groups and environmental protection groups to participate in the meeting, which is scheduled to be held sometime this summer. A final decision has yet to be made on the date.
Forex reserves edge up
The nation's foreign exchange reserves edged up to US$257.051 billion at the end of last month from US$256.979 billion at the end of February, the central bank said in a statement yesterday.
The forex reserves only increased slightly, as returns were offset by capital outflows, the central bank said.
China Airlines' profit drops
China Airlines Ltd (華航), the nation's largest air carrier, reported a drop of 85 percent in its profit for last year because of higher fuel costs.
The company's net income was NT$645 million (US$19.9 million), or NT$0.19 per share, the company said in a filing to the Taiwan Stock Exchange yesterday. That compared with NT$4.18 billion, or NT$1.25 per share, posted in 2004.
Chairman Philip Wei (魏幸雄), who hedged 60 percent of China Airlines' fuel purchases, added surcharges and reduced unprofitable routes to shield the company's profit. The airline said it was cutting the aircraft types in its fleet to three from six to reduce maintenance costs.
Greenback stumbles
The New Taiwan dollar traded firmer against its US counterpart yesterday after the greenback stumbled on softer-than-expected manufacturing data released overnight in US.
The NT dollar rose NT$0.114 to close at NT$32.472, on turnover of US$898 million.
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