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[BUSINESS BRIEFS]

TAIEX climbs to 6,718.81

Share prices closed up 0.23 percent yesterday despite a pullback on other regional markets amid growing investor confidence over improved cross-strait ties, dealers said.

The TAIEX rose 15.19 points to close at 6,718.81 on turnover of NT$182.94 billion (US$5.59 billion).

Gainers outnumbered losers 1,172 to 999, while 126 shares remained unchanged.

The range-bound consolidation, relatively strong if compared with other regional markets, signaled that the market continued gaining momentum for another rally.

“Investors remained optimistic about the market’s prospects, mainly propped up by the fast warming ties with China,” which has led to closer economic exchanges between the two former bitter rivals, Steven Huang of President Securities (統一證券) said.

Chunghwa to offer 236 jobs

Chunghwa Telecom Co (中華電信), the nation’s biggest telecoms service provider by revenue, said in a statement yesterday that it planned to recruit 236 people before the end of August.

Chunghwa Telecom currently has a pool of about 24,500 employees, and the new hires will be those in sales and engineering jobs, among others, the statement said.

TSE may scrap daily limits

Taiwan Stock Exchange (TSE) chairman Schive Chi (薛琦) said yesterday that the stock exchange was evaluating whether to adjust or scrap the current 7 percent ceiling, which limits the daily upward or downward movement of a stock.

Schive made the comment on the sideline of an exchange-traded funds (ETF) forum in Taipei. He said the stock exchange would begin consulting with market participators about the ceiling adjustment at the end of the year because the structure of investors in the equity market has changed substantially, but he did not offer a timeframe for the change.

The Financial Supervisory Commission said it had no particular position on the matter, although it agreed the issue was open to discussion.

During the forum, Schive said TSE would start collaborating with its counterparts in Hong Kong, Shanghai and Shenzhen, as long as Taiwan and China signed the memorandum of understanding on financial supervision.

The cooperation will include cross-listing EFTs and developing other products, he said.

FSC suspends Singfor boss

The Financial Supervisory Commission (FSC) yesterday said it decided to suspend Deng Wen-tsung (鄧文聰) as chairman of Singfor Life Insurance Co (幸福人壽) for one year, because the commission ruled that the local insurer had violated insurance laws after it placed a winning bid in the auction for a plot of D3 land in Taipei’s Xinyi district (信義區) last month.

NT surges to five-month high

The New Taiwan dollar rose to a five-month high after the nation’s current-account surplus swelled to a record and equity purchases by foreign funds exceeded sales for a second day.

The Taiwan dollar rose 0.4 percent to NT$32.738 against the US currency at the 4pm close, Taipei Forex Inc said. It touched NT$32.606 earlier, the strongest level since Dec. 22.

The currency climbed for a third day after the central bank on Wednesday said the surplus on the current account, the broadest measure of trade and investment flows, increased to US$13 billion in the first quarter as imports plunged.


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