US rally boosts TAIEX
Taiwanese shares closed up 3.1 percent yesterday on an overnight Wall Street rally and falling crude oil prices, dealers said.
The weighted index surged 212.84 points to the day’s high of 7,026.24, off a low of 6,921.97, on turnover of NT$115.01 billion (US$3.73 billion).
Advancers led decliners 1,675 to 484, with 320 stocks unchanged. A total of 86 stocks closed limit-up, while 42 were limit-down.
TSEC plans change of initials
The initials of the Taiwan Stock Exchange Corp (TSEC) will change to TWSE from Monday to better differentiate its name from designations given to other national stock markets, TSEC managers said yesterday.
A TSEC official said the name change was initiated because the name TSEC is widely mistaken for the Tokyo Stock Exchange, the Stock Exchange of Thailand, the Toronto Stock Exchange or the Tel Aviv Stock Exchange.
“Using TSEC will presumably hamper the company’s efforts in promoting its globalization,” the official said.
The TSEC’s Web site address will also be changed to www.twse.com.tw from Monday, the official said, adding that the existing and new Web site addresses will remain functional simultaneously for six months before the old one goes out of service, for the convenience of all parties concerned.
Taiwan Lottery to cut capital
The board of Taiwan Lottery Co (台灣彩券公司) approved a proposal yesterday to reduce its capital by NT$500 million (US$16.28 million), which will be returned to parent Chinatrust Financial Holding Co (中信金控), a press statement released by the parent financial service provider said.
After the capital reduction, Taiwan Lottery will keep NT$500 million in capital, the statement said. The capital injection into Chinatrust Financial is expected to help enhance its capital utilization and asset allocation.
Chinatrust estimated that its capital adequacy ratio would be lifted from the previous 104.08 percent to 104.54 percent at the year’s end while its double leverage ratio, which represents the ratio of long-term assets to shareholders’ equity, will be lowered from 98.88 percent to 98.55 percent at the same time, the statement said.
Elpida, Suzhou to form venture
Elpida Memory Inc, Japan’s biggest maker of computer memory, agreed to partner with Suzhou Venture Group Co (蘇州創投) to form a venture that will manufacture chips in China.
The venture will be formed by the end of this year in the eastern city of Suzhou and manufacturing is scheduled to start in the first quarter of 2010, a statement on Elpida’s Web site said yesterday.
The venture will build and operate a chip factory that may cost US$5 billion, Elpida said.
Elpida will own 39 percent of the venture, which will initially have the capacity to produce chips out of 40,000 silicon wafers a month, the statement said. Equity investments in the venture may reach US$720 million, it said.
NT dollar continues fall
The New Taiwan dollar fell for a seventh day yesterday, the longest losing streak in a year, on speculation the nation’s economic growth will slow, deterring the central bank from raising interest rates.
The NT dollar earlier declined the most in two months ahead of a report tomorrow that may show export growth slowed last year.
The NT dollar fell NT$0.017 or 0.1 percent to close at NT$30.738 in Taipei, after losing 1 percent in the previous six trading days, Taipei Forex Inc reported. The local currency earlier lost as much as 0.4 percent.
Turnover was US$1.879 billion.
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