Shares close lower
Share prices closed 0.12 percent lower yesterday on a late bout of profit taking, dealers said.
The TAIEX index shed 9.43 points to 7,742.17 on turnover of NT$130.29 billion (US$4.03 billion).
Losers outnumbered gainers 1,898 to 765, while 251 stocks remained unchanged.
A total of 14 shares surged to their daily 7 percent limit, against 11 limit-down.
The market opened high, hitting an intraday peak of 7,836.43 points, but gains were eroded by profit-taking, analysts said, with the market expected to continue consolidating today.
“Everybody is waiting for more news and are very cautious,” Ta Ching Securities (大慶證券) manager Daniel Liu said.
Union Bank approves swap
Union Bank of Taiwan (聯邦銀行) said yesterday its board approved a share-swap plan to acquire Union Bills Finance Corp (聯邦票券) in a bid to enhance its competitiveness, a stock exchange filing said.
Union Bank owns about 42.76 percent in Union Bills. To complete the merger, the bank said it planned to exchange 1.13 of its own shares with one share of the bills finance company.
The deal is expected to be closed on June 30 next year, the filing said.
Sandmartin begins trading
Taiwan Stock Exchange Corp (臺灣證券交易所) announced yesterday that Sandmartin International Holdings Ltd (聖馬丁國際控股) will start trading its Taiwan depositary receipts (TDR) today.
Hong Kong-listed Sandmartin International said last week that it would offer 148 million units of TDR at NT$8 each. Every TDR represents one of its common shares, which ended at HK$2.41 (US$0.31) yesterday.
The TDR issue is expected to raise approximately HK$203.96 million in net proceeds, the company said in a Hong Kong regulatory filing last Friday.
The company’s main business is to design, manufacture and distribute satellite TV reception products and communication related products.
Singapore trade office opens
Taiwan’s trade promotion agency officially opened a new overseas office in Singapore yesterday, as part of efforts to develop a more comprehensive trade network service and to further explore business opportunities in ASEAN markets.
The establishment of the 48th overseas branch of the government-funded Taiwan External Trade Development Council (TAITRA, 外貿協會) is an indication of the value it attaches to helping Taiwanese companies further explore ASEAN markets, the trade promotion body said.
TAITRA said bilateral trade between Singapore and Taiwan from January to last month was US$12 billion, making Singapore Taiwan’s 6th largest trading partner, after China, Japan, the US, Hong Kong and South Korea.
NT dollar falls
The New Taiwan dollar fell for a second day on speculation the central bank will intervene to slow appreciation that may hurt exports.
The local currency declined 0.1 percent to NT$32.348 versus the US dollar as of the 4pm close in Taipei, Taipei Forex Inc said.
The NT dollar dropped 0.6 percent this quarter.
The central bank yesterday denied a Chinese-language Commercial Times report that it had rejected nearly NT$10 billion (US$309 million) of inflows from Taiwanese living abroad because the usage of the money was unclear. The central bank said the report — which cited people it didn’t identify in the banking industry — was “unfounded,” an e-mailed statement said.
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