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Shares dip on profit-taking

Share prices closed 1.47 percent lower yesterday on profit-taking and after Wall Street's overnight plunge amid worsening credit market problems and a surge in US home foreclosures, dealers said.

The weighted index closed down 127.26 points at 8,531.38, after moving between 8,513.24 and 8,624.65. Turnover was NT$175.01 billion (US$5.68 billion).

Decliners led risers 1,538 to 542, with 276 stocks unchanged.

For the week to yesterday, the weighted index closed up 118.62 points or 1.41 percent after a 3.75 percent increase a week earlier.

Average daily turnover stood at NT$167.44 billion, compared with NT$170.95 billion a week ago.

January oil imports plunge

Crude oil imports plummeted 15 percent from a year earlier in January as prices for the commodity increased, the Bureau of Energy said yesterday.

Stockpiles of crude oil held by companies plunged 73 percent to 2.39 million kiloliters, about 15 million barrels, the bureau said on its Web site. Crude oil imports totaled 4.41 million kiloliters, it said.

Rising oil prices boosted the nation's January crude oil bill by 27 percent from a year earlier, the Ministry of Finance said.

Powerchip mulls new issue

Powerchip Semiconductor Corp (力晶半導體), the nation's biggest maker of computer-memory chips, plans to sell up to 1 billion new shares to raise funds to expand production.

The sale, to local and foreign investors, is valued at up to NT$12.6 billion (US$410 million), based on Powerchip's closing price of NT$12.60 yesterday. Proceeds will be used to buy equipment for factories making semiconductors from 12-inch wafers, Hsinchu-based Powerchip said in a filing.

The new issue is equivalent to 11.3 percent of the company's enlarged share capital of 8.82 billion, based on data compiled by Bloomberg.

The company didn't provide a timetable for the share sale.

Chunghwa Picture expanding

Chunghwa Picture Tubes Co (中華映管), the nation's third-biggest maker of liquid-crystal displays (LCD), plans to hire 1,200 engineers and assembly workers this year as it expands production capacity at existing factories.

The company will start the recruitment at a job fair at National Taiwan University this weekend, the company said in an e-mailed statement yesterday.

The company has 22,000 employees worldwide, operating three LCD plants in Taiwan, four assembly plants in China and one factory in Malaysia, its Web site said.

Cathay Financial recruiting

Cathay Financial Holding Co (國泰金控), the nation's biggest financial services company by market value, said it planned to hire more than 1,000 management trainees and administration staffers this year.

The Taipei-based company will visit this month four leading universities to recruit staff, it said in an e-mailed statement yesterday.

NT dollar gains for the week

The New Taiwan dollar posted an eighth weekly advance as foreign investors bought Taiwanese stocks on speculation the economy would improve after the presidential election on March 22.

Overseas investors bought NT$12.8 billion (US$417 million) more Taiwanese shares than they sold this month, extending their net purchases, the Taiwan Stock Exchange said.

The NT dollar advanced 0.7 percent this week to close at NT$30.750 yesterday, compared with NT$30.950 a week ago and NT$30.748 on Thursday, the Taipei Forex Inc said.
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