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BUSINESS BRIEFS

Shares close flat

Shares closed flat yesterday as investors took to the sidelines following a recent rally, dealers said.

The weighted index closed down 1.46 points, or 0.02 percent, at 7,292.34 on turnover of NT$12.41 billion (US$3.6 billion).

Tourism rallied 5.82 percent on reports that Taiwanese and Chinese authorities are likely to review plans to increase tourists to Taiwan after the Olympics.

Transport rose 2.19 percent on an extended decline in crude oil prices.

Cement shares fell 1.5 percent and steel shares were off 1.1 percent on a weak outlook for domestic demand. Financials were down 0.98 percent.

Electronics, which accounted for more than 70 percent of trading, rose 0.24 percent.

“After the recent rally, the market is expected to consolidate for a while before it can break through the 7,400-7,500 levels,” said Chen Yu-yu (陳育榆) of Capital Securities (群益證券).

Taiwan International Securities Corp (金鼎證券) vice president Andrew Teng (鄧安瀾) said: “The export-dependent technology companies are likely to outperform the main index despite weak domestic demand.”

Taiwan Semiconductor Manufacturing (台積電) was unchanged at NT$61.2 despite its decision to buy back and cancel up to NT$16.50 billion in shares.

Ducks sell big in Singapore

Frozen ducks from Taiwan are getting rave reviews in Singapore as cheaper, plumper and tastier, a newspaper reported yesterday.

The birds made their debut in April as part of the Agri-Food and Veterinary Authority’s (AVA’s) efforts to diversify food sources in case of an unexpected crisis.

“I tried them out because I was looking for another supplier other than Malaysia and they were plumper and the meat was juicier,” the Straits Times quoted roast duck seller Henry Tan as saying.

Pin Corporation (斌企業), an importer of frozen ducks, has stopped purchasing them from the US, previously its main supplier, the report said. It opts for cheaper Taiwanese ducks.

Managing director Liew Yew Fah (劉佑華) said the ducks are juicier because they are given more time to fatten up before they come to market.

An outbreak of bird flu prompted Singapore to close its doors in 2004 to Malaysian poultry.

At the time, every roast duck sold in the city-state was from Malaysia.

The ban was subsequently lifted.

“It is always good to diversify because if one source is down due to factors like a disease outbreak we can always look to another source,” AVA spokesman Goh Shih Yong said.

Central bank may stop hikes

The central bank may stop raising interest rates before the end of the year, as inflation will probably ease, the Chinese-language Commercial Times reported, citing economists who it did not identify.

The monetary authority may allow the NT dollar to weaken against its US counterpart to help the country’s exports compete, the newspaper said.

The central bank has increased borrowing costs 16 times since September, 2004.

Policymakers raised the discount rate on 10-day loans to banks by 12.5 basis points to 3.625 percent at their latest quarterly meeting on June 26. A basis point is 0.01 of a percentage point.

NT dollar closes higher

The NT dollar yesterday gained NT$0.039 to close at NT$31.15 against the greenback on turnover of US$1.129 billion.


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