Shares fall flat
Taiwan share prices closed flat yesterday as profit-taking wiped out most early gains inspired by Wall Street's overnight upturn, dealers said.
They said strength in the New Taiwan dollar fueled hopes of capital inflows but there was not enough evidence of new money entering the market to sustain gains.
The weighted index closed down 2.75 points or 0.04 percent at 7,550.55, off a high of 7,655,89 and a low of 7,533.60, on turnover of NT$99.13 billion (US$3.13 billion).
A total of 59 stocks closed limit-down and 14 limit-up.
The electronics sector was down 0.49 percent, construction was down 2.40 percent, tourism fell 2.37 percent, and food fell 1.0 percent.
The plastics/petrochemical sector was up 2.16 percent, financials rose 0.69 percent.
"The market lost steam as investors were apparently reluctant to help chase prices much higher with so many broader uncertainties still in place," said Taiwan Life Asset Management (台壽保投信) assistant vice president Michael Hsu (�?@).
Hsu said the persistent weakness of electronics shares, which generally account for more than 50 percent of market turnover, is likely to keep a lid on the benchmark index.
Stocks driven by domestic demand are likely to stay in the spotlight for some time as investors gradually build positions in sectors expected to benefit from a stronger local currency, he said.
HTC projects drop in revenues
High Tech Computer Corp (HTC, 宏達電), the world's biggest maker of handsets running Microsoft Corp's system, yesterday projected that revenues would drop by 18 percent to NT$32 billion this quarter from NT$39 billion last quarter.
HTC told investors on Jan. 31 that revenues would decline 15 percent to 20 percent at a quarterly pace on seasonal factors.
Gross margin and profit margin are expected to fall approximately 34 percent and 24 percent respectively, HTC said in a filing to the Taiwan Stock Exchange.
In a separate filing, HTC said it has no comment about customers after the Chinese-language Commercial Times said on Monday that HTC landed orders from Sony Ericsson Mobile Communications AB Ltd to supply smart phones.
Tax revenues increase
The nation's tax income rose 16.3 percent from one year earlier to total NT$124.5 billion last month, the finance ministry's latest statistics showed yesterday.
Income from income taxes grew by 46 percent from a year earlier to NT$28.8 billion for last month, although tax revenues from land and stock transactions both declined by 16.6 percent and 2.5 percent respectively.
Business tax incomes added NT$10.3 billion, up 28 percent, to NT$46.9 billion, the ministry told a press briefing yesterday.
Morgan Stanley to cut jobs
Morgan Stanley, the second-biggest US securities firm by market value, will cut as many as 40 jobs at its securitization business in Japan, two people with knowledge of the matter said.
Morgan Stanley Japan Securities Co will trim positions at its real estate financing unit after demand for such services declined, the people said, declining to be identified because the decision hasn't been made public. Morgan Stanley employs 1,600 people in Tokyo.
"The firm is engaged in an ongoing process of assessing its personnel needs," said Mika Watanabe, an executive director at Morgan Stanley, declining to comment on the job cuts.
Merrill Lynch & Co closed its Japan property financing unit last week, cutting 11 jobs, two people with knowledge of the matter said yesterday.
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