TAIEX rises 19.74 points
The TAIEX rose yesterday by 19.74 points, or 0.2 percent, to close at 8,207.85, its highest close since June 18, 2008, and the third session of gains on turnover of NT$170.079 billion (US$5.3 billion).
The liquidity-driven rally is expected to continue, although short-term price corrections will occur after valuation is hiked up, the Central News Agency quoted dealers at Dah Chang Securities (大昌證券) as saying yesterday.
AU Optronics Corp (友達光電), the nation’s biggest liquid-crystal-display maker, climbed 2.8 percent to NT$39.90, its highest close since July 11, 2008. Chi Mei Optoelectronics Corp (奇美電) surged by 6.9 percent to NT$24.05. Innolux Display Corp (群創) jumped 6.9 percent to NT$50.70.
Flat-panel prices may rise this month, the Commercial Times reported, citing research firm Witsview Technology Corp.
Acer hits nine-year high
Acer Inc (宏碁) climbed to its highest level in more than nine years in Taipei trading after Morgan Stanley raised its stock price estimate by 22 percent on expectations of market-share growth in China.
The world’s second-biggest computer supplier gained 2.7 percent to close at NT$98.80 on the TAIEX, its highest level since April 13, 2000.
Acer will boost sales training and expand its China retail network by 30 percent as it chases Lenovo Group Ltd (聯想) and Hewlett-Packard Co in the fastest-growing major PC market, Acer’s head of China business Oliver Ahrens said.
The Taipei-based company overtook Dell Inc as the world’s No. 2 PC vendor last year and aims to repeat that success in China, where Lenovo dominates with 29.4 percent of the market.
“China and commercial PCs offer Acer the chance to grow market share further,” analysts at Morgan Stanley wrote in a research report yesterday.
Morgan Stanley raised its price estimate to NT$112 from NT$92 and kept its rating at “overweight.”
Job seekers at orientation
Nearly 150 job seekers attended an orientation session for a financial agent training program organized by Capital Securities Corp (群益證券) and Securities and Futures Institute (證基會) in Taipei yesterday.
Capital Securities president Chou Kang-chi (周康記) said that with the burgeoning financial market in China, the firm decided to recruit young professionals by offering a series of free training programs, which are scheduled to begin later this month, for those who wish to find employment in the securities sector.
Chou said there was no age limit for applying for the program and that anyone who doesn’t have a background in finance can also participate in the training sessions.
Those who already have a securities specialist license can go straight to an aptitude test and interviews, he said. Two other orientation sessions will be held in Taichung and Kaohsiung today and tomorrow respectively.
Large currency holders named
The central bank said it has referred the names of foreign investors with “excessive” holdings of the local currency to regulators for investigation.
Foreigners have brought more capital into Taiwan than has been used to fund stock purchases, the bank said in an e-mailed statement. Money brought in must be used for its stated purpose, it said.
Local currency climbs
The local dollar yesterday closed 0.4 percent higher at NT$31.898 against its US counterpart in Taipei, after earlier touching NT$31.731, the strongest level since September 2008.