US tech losses hurt TAIEX
Taiwanese shares closed 0.32 percent lower yesterday as key locally listed firms lost ground following falls in US technology shares overnight, dealers said.
The weighted index closed down 28.76 points at 9,008.49, after moving in the range of 8,951.53 and 9,079.43. Turnover was NT$183.13 billion (US$6.04 billion).
Decliners outnumbered advancers 1,199 to 1,087, with 347 stocks unchanged.
A total of 12 stocks closed limit-up, while 18 were limit-down.
Frank Lin, senior vice president at Fubon Securities Co (富邦證券), said AU Optronics (AUO) helped the local bourse move to positive territory for a while during the day but the market failed to hold on to the gains.
“Wall Street weakness cast a shadow over the bourse,” he said.
AUO, the world’s third-largest maker of LCD panels, announced on Tuesday consolidated net profit of NT$26.99 billion in the first quarter against a loss of NT$5.11 billion last year.
Shares rose NT$1.50 to NT$59.90 after its better-than-expected first quarter results.
CAL to invest in joint venture
China Airlines Ltd (CAL, 中華航空), Taiwan’s largest airline by revenue, said yesterday it would take a 7.5 percent stake in a new aircraft maintenance joint venture based in China’s Fujian Province.
The new company, Taikoo Spirit AeroSystems Composite Co (太古勢必銳複合材料), is scheduled to begin operations early next year and has registered capital of US$8.48 million, CAL said in a statement.
Hong Kong-based Cathay Pacific Airlines Ltd will also hold a 7.5 percent stake in the venture. Other partners include Hong Kong Aircraft Engineering Co, Taikoo Xiamen Aircraft Engineering Co, and Spirit AeroSystems Holding Inc, CAL said.
The airline didn’t elaborate on the stakes of the other partners.
The new firm is CAL’s second aircraft maintenance joint venture. It bought an 8 percent stake in China’s Taikoo (Xiamen) Landing Gear Services Co last year.
Infineon reports another loss
Semiconductor maker Infineon Technologies AG yesterday reported a wider loss in its fiscal second quarter because of a weak performance from memory-chip unit Qimonda AG. It was Infineon’s fifth consecutive quarterly loss.
The Neubiberg-based company lost nearly 1.4 billion euros (US$2.2 billion) in the period from January to last month, compared with a loss of 11 million euros a year earlier. The figure was dragged down by a 482 million euro (US$767.9 million) loss from Qimonda.
Without Qimonda, in which Infineon holds a majority stake, Infineon said it would have posted a 19 million euro (US$30.3 million) profit.
Singapore’s inflation rises
Singapore’s annual inflation was 6.7 percent last month, the highest in 26 years, the Department of Statistics said yesterday.
It said the consumer price index was boosted by higher costs of food, transportation, communications and housing.
Last month’s consumer price index figure was down 0.1 percent from February’s figure, the department said.
On a seasonally adjusted basis, the index was 0.3 percent higher last month compared with the previous month, it said.
Inflation reached 6.6 percent in the first three months of this year, compared with the same period last year.
NT softens against greenback
The NT dollar softened against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.005 to close at NT$30.293.
A total of US$838 million changed hands.
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