Share prices close higher
Share prices closed 0.21 percent firmer yesterday on the strength of other regional markets following gains on Wall Street, dealers said.
The TAIEX index closed up 14.48 points to 6,953.34 on turnover of NT$151.01 billion (US$4.61 billion).
Losers outnumbered gainers 1,191 to 1,109, while 192 shares remained unchanged.
The market opened high and at one stage breached the psychological 7,000 point barrier, but soon pulled back on profit-taking.
“Investors were cautious as they know there is not much upside,” said Mars Hsu of Grand Cathay Securities (大華證券).
He said he expected consolidation “contingent upon the performance of Wall Street,” which would impact Taiwan’s high-tech sector.
FSC approves Polaris plan
The Financial Supervisory Commission (FSC) yesterday gave the go-ahead to the nation’s first application submitted by Polaris Securities Group (寶來證券) to cross-list an exchange-traded fund (ETF), which tracks Hong Kong shares, on the TAIEX.
The fund, issued by subsidiary Polaris International Securities Investment Trust Co (寶來投信) in Taiwan, will invest 90 percent of its assets in a fund listed in Hong Kong, the commission said in a press statement yesterday.
Once a regulator approval is granted, Polaris is required to launch its fundraising plan within three months and complete the plan within 30 days, the commission said.
The FSC said HSBC Global Asset Management Ltd (匯豐中華投信) has submitted its applications for the cross-listing of two more funds, which are under review.
Tax cuts needed: ministry
The Ministry of Finance proposed extending tax cuts on commodities, saying the world economy remains weak though commodity prices are relatively stable.
The ministry said yesterday it would ask the Cabinet to continue a policy that has halted tariffs on imported animal feed and halved tariffs on wheat, soybean and other grain products for another six months.
Meanwhile, the ministry suggested cutting tariffs on imported butter by 25 percent, while retaining a 50 percent tariff cut on sesame and tomato paste for another six months.
The ministry said the adjustments would be in line with international commodity costs amid the recession. Previous cuts are due to expire next month.
BioBusiness forum opens
The eighth BioBusiness Asia conference, a two-day gathering of professionals in the field from around Asia, opened its doors yesterday, the event’s organizer said.
The theme of the conference is “Success through Global Alliances,” the Industrial Technology Research Institute (ITRI, 工研院) said.
With the government’s new policy, “Diamond Action Plan for Biotech Takeoff,” this year’s event has attracted particular interest from international venture capital firms, including Burrill & Co, Vivo Ventures, Giza Venture Capital and TVM, the statement said.
The Diamond Action Plan promotes opportunities in emerging sectors such as med-tech, ITRI president Johnsee Lee (李鍾熙) said at the opening ceremony.
“A strengthened life-science industry will help Taiwan weather the global financial storm to emerge stronger,” he said.
NT dollar loses ground
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, dropping NT$0.005 to close at NT$32.799. Turnover was US$721 million.