Sat, Jun 13, 2009 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

Investors ‘take profit and run’

Taiwanese shares closed down 1.81 percent yesterday on selling in large-cap stocks as investors took advantage of gains from the previous session, dealers said.

The weighted index dropped 119.14 points to 6,448.23 on turnover of NT$128.85 billion (US$3.94 billion).

Losers led gainers 1,268 to 886 with 167 stocks unchanged.

The weighted index opened 0.23 percent lower on profit taking and the downside extended throughout the day, with large-cap electronic stocks and financial heavyweights in focus, dealers said.

“These bellwether high-tech stocks stood behind [Thursday’s 1.63 percent] rise. It was why investors tended to take profit and run today,” Mega Securities (兆豐證券) analyst Alex Huang (黃國偉) said.

MOEA approves price rise

Taiwan Sugar Corp (Taisugar, 台糖) said its plan to hike domestic wholesale prices of soybean oil products was to reflect rising international soybean prices, despite the public’s concern that the company’s move would fuel domestic inflation.

State-run Taisugar said in a statement yesterday that it had obtained the Ministry of Economic Affairs’ approval to raise the wholesale prices on an 18-liter barrel of soybean oil by 19.1 percent to NT$655 from NT$550.

Taisugar said the new price was still lower than a reasonable market price of NT$700 and it did not expect the change would have big impact on domestic consumers, citing the products’ small market share.

Taisugar’s soybean oil products account for around 7 percent to 8 percent in domestic market, which is far lower than those enjoyed by its bigger rivals such as Taisun Enterprise Co (泰山企業).

Fubon expands to Hanoi

To expand its services to Vietnam-based Taiwanese businesses, Fubon Insurance Co (富邦產險), a subsidiary under Fubon Financial Holding Co (富邦金控), yesterday branched into Hanoi from its Vietnamese headquarters in Ho Chi Minh City.

The non-life insurer plans to further expand its presence in the country by branching into Dong Nai and BinhDuong provinces, the company said in a press statement yesterday.

Parent Fubon Financial also plans to expand its banking footprint there after opening a bank branch in Ho Chi Minh City last June, the statement said.

The financial service provider’s banking subsidiary plans to set up a liaison office in Hanoi late next month after having received a go-ahead from the regulators, the statement said.

US to allow longan imports

After seven years of negotiations, Washington has approved Taiwan’s application to export fresh longans to all of the US except Florida, Taiwan’s representative office in the Washington said on Thursday.

According to the Taipei Economic and Cultural Representative Office, Taiwanese fresh longans (Euphoria longana), after having been stored for 17 days at temperatures less than 1ºC or for 20 days at less than 1.38ºC, will be allowed into the US beginning next Saturday, one day after US regulations detailing quarantine conditions for the exports from Taiwan take effect.

This will make longans the fourth Taiwan-produced fruit to be sold in the US after lychees, star fruit and mangoes, said a Taiwanese official stationed in Washington.

NT dollar weakens slightly

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.002 to close at NT$32.8.

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