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‘Boring’ market closes lower

Taiwanese shares closed 0.45 percent lower yesterday as trading volume shrank amid cautious sentiment, dealers said.

The TAIEX index fell 33.43 points to 7,469.03 on turnover of NT$111.2 billion (US$3.44 billion), down from NT$123.46 billion in the previous session.

Losers outnumbered gainers 1,573 to 778, while 239 shares remained unchanged.

The market fluctuated within a narrow range of 65 points throughout trading, continuing the trend of the past three sessions.

“The market was a bit boring today. The market hovered within a very narrow range,” said Mars Hsu of Grand Cathay Securities Corp (大華證券).

“Sell-off emerged as the index approached 7,550 points, although the selling pressure was not huge. But then again, bargain-hunting stepped in while the market dived,” he said.

“Small plays dominated the market while big caps were losing momentum,” he said.

Investors have turned cautious before companies release their September earnings reports next month, Hsu said.

Hau touts gardening expo

The 2010 Taipei International Gardening and Horticulture Exposition is expected to generate NT$16.8 billion in economic benefits during its six-month run, Taipei Mayor Hau Lung-bin (郝龍斌) said yesterday.

An estimated 8 million people are likely to visit the event, which will run from Nov. 6 next year to April 25, 2011, Hau said in a report to the Taipei City Council.

The mayor said that construction work for the exposition’s 14 pavilions began late last year and is scheduled to be completed in March.

As of last month, 39 cities in 27 countries around Asia, Europe, Africa and the Americas have applied to participate in the expo, and the city government is working toward the goal of having 30 countries taking part, Hau said.

The expo will be the seventh of its kind to be held in Asia, the organizer said.

Nina Wang verdict months away

Hong Kong Judge Johnson Lam (林文翰) said he will rule on who is entitled to the estate of late billionaire Nina Wang (龔如心) by the end of this year or the beginning of next year, following a 40-day probate hearing.

Lam announced the timing of the judgment in the High Court yesterday after two days of closing arguments. Tony Chan (陳振聰), who provided geomancy services for Wang, says she left him her estate in a 2006 will after they became lovers and had a relationship for more than a decade.

Chinachem Charitable Foundation (華懋慈善基金), formed by Nina and representing members of Wang’s family, claims to be the legitimate beneficiary based on a 2002 will.

Tony Chan was “the person who has the opportunity and motive” to prepare the forged will in 2006, said Dennis Chang (張健利), a lawyer for the foundation, in his final arguments yesterday.

The judge raised a question on Monday on whether Chan would be held responsible if the court finds that the 2006 will is a forgery.

“The underlying reality is the caring, loving and happy relationship between my client and Mrs Wang,” Chan’s lawyer, Ian Mill, said on Monday.

NT dollar climbs

The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.033 to close at NT$32.386.

A total of US$1.09 billion changed hands during the day’s trading.
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