Shares close flat
Taiwanese shares closed flat yesterday after a run of seven consecutive rises.
The TAIEX index fell 3.66 points, or 0.05 percent, to 8,053.83 on turnover of NT$132.39 billion (US$4.14 billion).
Losers led gainers by 1,589 to 1,234 with 282 stocks unchanged.
“The main index will continue to consolidate tomorrow before testing 8,100 points,” Daiwa Securities (大和證券) fund manager David Li (李衍磬) said.
Market considers rule change
The Taiwan Stock Exchange Corp (TWSE, 台灣證交所) said yesterday that its board was considering relaxing rules for listed companies’ spin-off subsidiaries to list on the local bourse via simplified procedures, aiming to give more leeway for companies with massive market value to make structural adjustments.
An easing of the regulations is considered to be crucial in helping local notebook computer maker Asustek Computer Inc (華碩電腦) to relist on the main bourse after divesting its manufacturing business Pegatron Technology Corp (和碩聯合), while at the same time listing Pegatron.
According to existing rules, Pegatron must go through a more complicated initial public offering procedure since spinning off from Asustek two years ago. Listed companies are required to list such spin-offs on the local bourse within one year of separation.
Asustek’s foreign investors are worried that a separate listing will hurt their interests as some are restricted to owning unlisted shares. Overseas investors hold an approximate 38 percent stake in Asustek.
FSC to act on indictments
Financial Supervisory Commission (FSC) Chairman Sean Chen (陳冲) yesterday said the commission would study indictments against 12 local bank executives who prosecutors allege either bribed former president Chen Shui-bian (陳水扁) and his wife or helped them hide and launder money.
The FSC would give the executives the opportunity to clarify their roles in the money-laundering scandal before issuing any punishments, Chen told reporters yesterday.
“We will make decisions on administrative punishments as long as there are sufficient facts to support such decisions,” he added.
Among those indicted in connection with the case are Yuanta Group founder Rudy Ma (馬志玲); former Yuanta Financial Holding Co president Victor Ma (馬維建) and chief operating officer Michael Ma (馬維辰); former Yuanta Securities Corp board member Tu Li-ping (杜麗萍) and chairwoman Judy Tu (杜麗莊); former China Development Financial Holding Corp (中華開發金控) president Angelo Koo (辜仲瑩); and former China Development Financial Holding Corp chief financial officer Sherie Chiu (邱德馨).
Enduring brands named
The top brands of daily necessities for the last 25 years were announced yesterday.
According to the survey by the Chinese-language Management Magazine (管理雜誌), Wacoal (華歌爾) is the No. 1 brand for lingerie, Sony for TV, Panasonic for washing machines, Darlie for toothpaste and Uni-President (統一) for instant noodles.
Kleenex (舒潔), Sakura (櫻花) and Tatung (大同) were also evergreen top brands for tissue paper, kitchen ventilators and electric cookers respectively, the survey found.
NT dollar rises
The New Taiwan dollar gained ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.004 to close at NT$32.290.
A total of US$617 million changed hands during the day’s trading.