Sat, Sep 19, 2009 - Page 11 News List

[BUSINESS BRIEFS]

STAFF WRITER, WITH AGENCIES

TAIEX gains on NT dollar

Share prices closed up 0.66 percent yesterday amid adequate liquidity as a stronger local currency attracted foreign funds, dealers said.

The TAIEX rose 49.25 points to 7,526.55 on turnover of NT$112.89 billion (US$3.48 billion).

Gainers led losers by 1,460 to 910 with 239 stocks unchanged.

“The market is awash in liquidity. The ample funds helped the market to jump over the 7,500-point technical hurdle,” Taiwan International Securities (金鼎證券) analyst Arch Shih (施博元) said.

Foreign institutional investors were net buyers of NT$5.17 billion in shares for the day and NT$34.28 billion in shares for the week, the Taiwan Stock Exchange’s data showed.

Fuel prices to stay unchanged

The state-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) said yesterday it would leave fuel prices unchanged next week, matching stable global oil prices.

Rival Formosa Petrochemical Corp (台塑石化) said it would follow suit by keeping retail prices for gasoline and diesel flat at the prices offered by CPC.

After the weekly meeting, CPC said it would hold steady the retail prices of 92-octane unleaded gasoline, 95-octane unleaded gasoline and 98-octane unleaded gasoline at NT$28.3 per liter, NT$29 per liter and NT$30.5 per liter respectively.

Retail price for diesel will remain at NT$25.8 per liter.

The CPC will extend a discount program to people in areas devastated by Typhoon Morakot next week, it said.

TSMC predicts strong Q3 result

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday that its third-quarter result may beat its previous forecast, in light of the recent semiconductor recovery.

“I am more optimistic now,” TSMC chairman Morris Chang (張忠謀) said, compared with the company’s forecast at the end of July that revenues may rise to between NT$88 billion and NT$90 billion in the third quarter from NT$74.2 billion in the second quarter.

Chang said the semiconductor industry is recovering overall, which also reflected on TSMC’s business.

TSMC, however, was recovering at a faster pace than other semiconductor companies, he added.

Chi Mei to wait for results

Chi Mei Optoelectronics Corp (奇美電子), Taiwan’s second-largest liquid-crystal-display maker, said it would wait for its third-quarter results before it makes a decision on whether to start production at its 8.5-generation factory.

The factory has been completed but hasn’t been used, and it would take up to six months to reach full production, company spokeswoman Loreta Chen (陳靜燕) said by telephone yesterday.

The company will start production at the factory at the end of this month, the Chinese-language Commercial Times reported, citing unidentified component makers.

The third quarter ends on Sept. 30, with results to be reported by the end of next month.

NT dollar slips

The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, paring this week’s advance, after a local newspaper reported the central bank intervened to help limit the currency’s appreciation.

“Part of the market reckons that the Taiwan dollar’s appreciation has reached a satisfactory level,” said Tigr Cheng (程裕城), a strategist at Polaris Securities Co (寶來證券). “The central bank doesn’t want excessive volatility.”

The NT dollar fell NT$0.048 to close at NT$32.458 yesterday. A total of US$807 million changed hands during the day’s trading.

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