Shares slip slightly
Taiwanese shares closed little changed yesterday amid cautious sentiment after declines on Wall Street overnight, dealers said.
The TAIEX fell 5.30 points or 0.07 percent to 7,665.63 on turnover of NT$91.39 billion (US$2.83 billion).
Losers led gainers by 1,387 to 1,030 with 295 stocks unchanged.
The market opened 0.26 percent lower as investors reacted to a Wall Street retreat overnight and was choppy intraday with financial stocks down and select electronic firms up, dealers said.
Concord Securities (康和證券) analyst Allen Lin said reduced trade turnover indicated many investors preferred to stay on the sidelines.
“The market had gained four sessions in a row [before today]. Investors were afraid that corrections would follow soon,” Lin said.
Taipower sells bonds
Taiwan Power Co (Taipower, 台電) sold NT$10.2 billion in bonds with terms from three years to 10 years, the Ministry of Economic Affairs said in a statement on its Web site yesterday.
Taipower auctioned off NT$1.45 billion worth of three-year bonds with a yield of 1.15 percent, NT$2.75 billion five-year bonds with a yield of 1.50 percent and NT$6 billion 10-year bonds with a yield of 2.15 percent, the ministry said.
The bonds will be guaranteed by China Development Industrial Bank (中華開發工銀), Mega International Commercial Bank Co (兆豐國際商銀) and Taipei Fubon Bank (台北富邦銀行), with KGI Securities Co (凱基證券) serving the lead underwriter.
Nan Shan workers win backing
Sixty legislators endorsed a petition by employees of Nan Shan Life Insurance Co (南山人壽) — the local unit of American International Group Inc (AIG) — yesterday morning, pledging to help safeguard the interests of Nan Shan employees and clients in the sale of the company.
Nearly 1,000 Nan Shan employees presented a petition to the legislators yesterday, asking the lawmakers to supervise the transfer of the company.
A consortium led by Hong Kong-based Primus Financial Holdings Ltd said on Oct. 13 that it would acquire a 97.57 percent stake in Nan Shan from AIG. Primus Financial submitted an investment application to the Investment Commission on Thursday evening.
HK economy expands
Hong Kong’s economy expanded slightly in the third quarter as its financial services and tourism sectors recovered, the territory’s government said yesterday.
Government economists also revised upward their forecast for the entire year, predicting the Hong Kong economy will contract by 3.3 percent this year — up from the previous forecast of 3.5 percent to 4.5 percent in August.
Hong Kong’s GDP inched up 0.4 percent in the July to September period on a seasonally adjusted quarter-to-quarter basis, after the economy grew by 3.3 percent in the second quarter.
CVIC SE opens Taiwan office
The China-based Cvic Software Engineering Co (CVIC SE, 中創軟件) inaugurated an office in Taiwan on Thursday, setting a new model for information industry cooperation on both sides of the Taiwan Strait.
Officials at the Institute for Information Industry said CVIC SE’s local office might be upgraded to a branch or subsidiary of the company in the future.
NT dollar slips
The New Taiwan dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.009 to close at NT$32.339. Turnover was US$1.12 billion.
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