Shares close flat
Taiwanese shares closed flat yesterday as profit-taking in the high-tech sector compromised gains in old economy firms, dealers said.
The TAIEX index rose 5.06 points, or 0.07 percent, to 7,337.14 on turnover of NT$97.19 billion (US$2.98 billion).
Gainers led losers by 1,268 to 990 with 244 stocks unchanged.
The market opened down as electronic stocks faced pressure after a recent strong showing, while buying in old-economy shares, such as foods and construction, benefited from relatively low valuations, dealers said.
The selling in large cap electronic stocks reflected earnings concerns after heavyweights Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Hon Hai Precision Industry Co (鴻海精密) reported disappointing August sales data, they said.
“High hopes about electronic firms’ outlook have recently boosted the broader market. Investors who wanted to pocket the recent profit used the sales data as an excuse to sell,” President Securities Corp (統一證券) analyst Steven Huang said.
Gas, diesel prices fall
CPC Corp, Taiwan (CPC, 台灣中油) said it would lower gasoline and diesel prices by NT$0.3, effective today. Rival Formosa Petrochemical Corp (台塑石化) said it would match CPC’s cuts.
After the adjustment, CPC’s price for 1 liter of 98-octane unleaded gasoline will be NT$30.5. The price of 95-octane unleaded gasoline will be NT$29.0 and 92-octane unleaded gasoline will cost NT$28.3 per liter. Diesel will cost NT$25.8 per liter.
Regions moderately affected by Typhoon Morakot will see price cuts of NT$0.4 and NT$0.5 on gasoline and diesel respectively.
Meanwhile, those areas that were severely damaged by the typhoon will see gasoline and diesel prices drop by NT$2.5 and NT$1.5 respectively, CPC said.
MediLED set for release
Mediland Enterpise Corp (鼎眾企業), a local medical devices manufacturer, has come out with the nation’s first surgical lighting that runs on light-emitting diode (LED) technology.
Dubbed MediLED, the specialty lighting is undergoing product certification in the US by Underwriters Laboratories Inc.
MediLED has many advantages over current medical lighting, such as a longer life cycle, lower energy consumption and no overheating, but most importantly it can accurately reflect true colors of wounds, which facilitates operations.
One in five hospitals in China uses Mediland surgical lamps. Market penetration in Taiwan is 90 percent, the company says.
NT dollar makes big gain
The New Taiwan dollar completed its biggest weekly gain since May on speculation that Taiwan is nearing new trade and financial agreements with China, the biggest market for its exports.
The NT dollar gained 0.8 percent this week to NT$32.628 at the 4pm close, according to Taipei Forex Inc. It touched NT$32.60 yesterday, the highest level since June 5.
The local currency touched a three-month high after President Ma Ying-jeou (馬英九) said on Thursday that he would return his focus to negotiating a trade accord with China to boost the economy after the deadliest storm in 50 years forced him to reshuffle his Cabinet.
“Reasserting their intention to develop relations with the mainland should be supportive,” said David Cohen, an economist at Action Economics in Singapore.
“The big story is that the global economic data are showing increased evidence that the world is pulling out of the recession,” he said.
RSS