Fri, May 16, 2008 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

TAIEX at six-month high

Taiwanese shares closed 1.54 percent higher yesterday at a six-month high after Wall Street rose on benign US inflation data and a fall in oil prices, dealers said.

Investors are more optimistic about better economic relations between Taipei and Beijing after president-elect Ma Ying-jeou (馬英九) is sworn in on Tuesday, they said.

Buying by foreign investors had further boosted sentiment, dealers said.

The weighted index closed up 138.76 points at 9,157.18, the highest finish since 9,300.22 on Nov. 7 last year. The index traded between 9,087.96 and 9,158.95 on turnover of NT$169.44 billion (US$5.5 billion).

Risers led decliners 1,764 to 586, with 348 stocks unchanged. A total of 47 stocks closed limit-up, while eight were limit-down.

CAL shares up 6.9 percent

China Airlines Ltd (CAL, 中華航空), the nation’s largest carrier, rose the most in almost two months in Taipei trading after a report said the new government may double the number of airports available for planned flights to China.

The carrier surged 6.9 percent to close at NT$16.30 yesterday. Smaller rival EVA Airways Corp (長榮航空) advanced 6.8 percent to NT$17.35.

The incoming government may allow weekend flights to China from Taichung and Taipei Songshan airports, as well as from Taoyuan and Kaohsiung, the Chinese-language Economic Daily News said yesterday, citing incoming transportation and communications minister Mao Chi-kuo (毛治國).

The flights could start in July, the paper said.

SinoPac Securities Corp (永豐金證券) maintained its “outperform” rating on CAL and EVA, with its target prices set at NT$23.8 and NT$22.0 respectively, the brokerage said in a client note yesterday.

Banks donate for relief

Local companies yesterday continued to extend a helping hand to victims of the earthquake in China’s Sichuan Province.

Yuanta Financial Holding Co (元大金控) said yesterday it would donate US$1 million to China. Yuanta Financial founder Rudy Ma (馬志玲) and his wife said they would donate 3 million yuan (US$428,000).

Taishin Financial Holding Co (台新金控) and Chang Hwa Commercial Bank (彰化銀行) said they would make a joint donation of NT$20 million (US$645,000) to China.

On Wednesday, the Lin Yuan Group (霖園集團), which includes Cathay Financial Holding Co (國泰金控) and Cathay Real Estate Development Co (國泰建設), said they would donate 50 million yuan, while Fubon Financial Holding Co (富邦金控) announced it was donating US$1 million, including NT$10 million to the Red Cross Society of the Republic of China, company statements said.

Chinatrust Commercial Bank (中國信託銀行) said it would donate 10 million yuan in two days.

CPT gets NT$4 billion loan

Chunghwa Picture Tubes Ltd (CPT, 中華映管), the nation’s third-largest flat panel maker, said yesterday it had signed an agreement with local banks to obtain a NT$4 billion syndicated loan.

Chunghwa Picture will use the proceedings to expand a sixth-generation color filter plant, the company said in a press release.

NT dollar bounces back

The New Taiwan dollar turned strong against the US dollar on exporters’ selling of the greenback and foreign capital inflows, dealers said.

The NT dollar was up NT$0.122 to close at NT$30.880. Turnover was US$1.142 billion on the Taipei Forex Inc, down from US$1.502 billion the previous session.

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