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■ Investor caution slows market
Shares closed little changed yesterday as caution continued to prevail ahead of corporate disclosures of fourth-quarter earnings and guidance for the year ahead, dealers said.
The TAIEX closed up 9.89 points or 0.13 percent at 7,852.36, on turnover of NT$113.87 billion (US$3.45 billion).
Decliners outnumbered gainers 619 to 552, with 211 stocks unchanged.
On the Taipei foreign exchange market, the NT dollar traded NT$0.027 lower against the US dollar to close at NT$32.947.
Turnover was US$963 million.

■ More fuel price cuts
Formosa Petrochemical Corp (台塑石化), the nation's second-biggest fuel supplier, cut gasoline and diesel prices, matching reductions by Chinese Petroleum Corp (CPC, 中油) after crude oil costs declined.
The company would reduce domestic wholesale gasoline prices by NT$0.40 a liter and diesel by NT$0.50 at 10pm yesterday, Formosa Petrochemical said in a faxed statement.

■ UMC looks to cut capital
The United Microelectronics Corp (UMC, 聯電) board yesterday announced a capital reduction proposal, subject to approval at an extraordinary shareholders' meeting scheduled for June 11.
The world's second-largest made-to-order chipmaker said its board decided to cut capital by 30 percent, or NT$57.39 billion (US$1.74 billion), to NT$133.92 billion, CNA reported.
The proposal will allow the firm to improve its capitalization structure and enhance shareholders' interests, CNA said, adding that UMC plans to return NT$3 per share.

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