Shares fall 2.27%
Taiwanese shares fell 2.27 percent yesterday as the market tracked a dive on Wall Street and other regional markets, dealers said.
The weighted index dropped 143.74 points to 6,197.47 on turnover of NT$91.56 billion (US$2.78 billion).
Losers outnumbered gainers 1,531 to 501, while 133 shares were unchanged.
The market opened low and stayed in negative territory throughout the trading session before closing at the near intra-day low, snapping the rebound since Friday.
Plastics took the hardest hit, shedding 4.1 percent, after oil fell sharply to below US$67 in Asian trade amid conflicting signals about the prospects of an early rebound for the struggling global economy.
Bond sale to fund deficit
Taiwan will sell NT$110 billion in bonds in the third quarter to help finance its budget deficit.
The planned amount, which was announced yesterday in a statement by the Ministry of Finance, is unchanged from the current quarter and compares with NT$100 billion in the July-September period of last year.
Taiwan will sell NT$40 billion in five-year notes on July 15, NT$30 billion in 20-year debt on Aug. 10 and NT$40 billion in 10-year securities on Sept. 4, according to the statement. The government will also auction NT$20 billion in 182-day bills on Sept. 23.
In January lawmakers approved a NT$134.6 billion deficit for the government this year, the second consecutive annual shortfall.
First Hong Kong ETF in July
The Taiwan Stock Exchange Corp (TWSE, 台灣證交所) said it would allow the first dual listing of an exchange-traded fund (ETF) from Hong Kong by next month.
CSI 300 China Tracker, a Hong Kong ETF, may be listed in Taiwan “around July 20,” TWSE chairman Schive Chi (薛琦) said yesterday.
The fund is managed by BOCI-Prudential Asset Management Ltd. Another two Hong Kong ETFs are expected to trade in Taiwan this year, Schive said.
He reiterated that the stock exchange would sign an agreement to allow ETFs with China “immediately after” a financial agreement is signed with Beijing.
Coop bank to issue bonds
The board of Taiwan Cooperative Bank (合作金庫銀行) yesterday approved the raising of NT$4.1 billion (US$124.5 million) through the issuance of unsecured subordinated bonds, the bank said yesterday in an exchange filing.
The bank would pay out an annual coupon of 2.25 percent on the bonds and use the capital to fund long-term operations, the filing said.
Meanwhile, Mega Securities Co (兆豐證券), a subsidiary of Mega Financial Holding Co (兆豐金控), said in an exchange filing that its board had approved a proposal to raise US$20 million through an issuance of preferred shares at US$1 apiece.
The proceeds would be injected into Mega Securities’ wholly owned asset management firm to strengthen its long-term capital position, the filing said.
Quanta inks deal with PixArt
Quanta Computer Inc (廣達) signed an agreement with PixArt Imaging Inc (原相) on Monday to make touch panel laptops and personal computers, the computer maker said in a filing to the Taiwan Stock Exchange.
The products would be available before Christmas, the world’s largest laptop maker said.
NT dollar loses ground
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.027 to close at NT$32.925.
Turnover was US$665 million.
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