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TAIEX recovers from sell-off

Taiwan share prices closed 1.47 percent higher yesterday amid a recovery in Asia following a big sell-off earlier in the week, dealers said.

Investors hunted for bargains but the upside was capped by domestic political uncertainty, they said. Taiwan's Cabinet was due to resign later yesterday before the new legislature opens next week.

The TAIEX closed up 108.65 points at 7,517.05, after trading in a range between 7,412.97 and 7,653.08. Turnover was NT$144.22 billion (US$4.45 billion).

Risers led decliners 1,029 to 886, with 407 stocks unchanged. A total of 19 stocks closed limit-up, while 73 were limit-down.

"Stocks responded positively to the US market performance overnight and Asian markets' gains in the morning," said Michael Hsu (許派一), an assistant vice president of Taiwan Life Asset Management (台壽保投信).

He said companies with large real estate holdings outperformed. Property prices are expected to benefit from any thaw in Taipei-Beijing relations.

NY Life Insurance to be fined

The Financial Supervisory Commission said in a statement yesterday it would fine New York Life Insurance NT$3 million (US$92,000) for violating the Insurance Law (保險法).

The commission said NY Life had disregarded its clients rights by revising the contents of five types of insurance policy application forms without prior approval from the financial regulator.

Although insurance policy application forms were made a part of the insurance contract in September of last year so that amendments are permitted, insurers are still required to submit changes to the FSC for approval, the statement said.

CPC expects unit capacity

State-owned CPC Corp, Taiwan (CPC, 台灣中油) expects the No. 2 crude distillation unit at its Taoyuan plant to reach full capacity next Tuesday after the completion of scheduled maintenance that began on Dec. 14, a company official said.

CPC is making adjustments after restarting the facility last Tuesday, the CPC official said, asking not to be identified because of company rules. The refinery has two crude distillation units and each is able to process 100,000 barrels a day.

The Taoyuan refinery typically conducts maintenance during the winter, when northeast winds make it difficult for oil tankers to dock. CPC's three refineries have a combined capacity of 720,000 barrels a day.

Ford loses billions in Q4

Ford Motor Co said yesterday it lost US$2.7 billion in the fourth quarter and US$2.8 billion for the year as gains in worldwide markets outside the US were dragged down by continued weakness in North America.

Ford lost US$1.30 per share in the fourth quarter, narrower than a loss of US$2.98 per share in 2006. The full-year results, which resulted in a loss of US$1.35 per share, were significantly better than in 2006, when Ford lost US$6.72 per share.

Dearborn-based Ford reported revenue of US$44.1 billion for the fourth quarter, up from US$40.3 billion in the year-ago quarter. The company reported full-year revenues of US$172.5 billion, up from US$160.1 billion in 2006.

Excluding special items, Ford lost US$0.20 per share for the quarter and US$0.19 per share for the year, in line with Wall Street's expectations.

NT dollar gains again

The NT dollar rose for a second day yesterday, advancing NT$0.053 to close at NT$32.352 against the US currency, according to Taipei Forex Inc. Turnover was US$1.29 billion.
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