Share prices close higher
Taiwan’s share prices closed higher yesterday with the TAIEX index moving up 11.57 points, or 0.14 percent, to close at 7,897.91.
The local bourse opened at 7,899.01, the day’s highest level, and dropped to a low of 7,859.29 before rebounding. Market turnover totaled NT$114.24 billion (US$3.6 billion).
Five of eight major stock categories gained ground, with construction issues moving up the most at 1.3 percent. Gainers outnumbered losers 1,539 to 1,369, with 315 stocks remaining unchanged.
Sony files complaint
Sony Corp filed a complaint on Thursday with the US International Trade Commission in Washington, seeking to block imports of display devices made by TPV Technology Ltd (冠捷科技) and Innolux Display Corp (群創光電).
Sony claims the companies are violating its intellectual-property rights, according to a filing posted on the agency’s Web site.
TPV, based in Hong Kong, is the world’s largest contract maker of computer monitors. Innolux completed the merger with Chi Mei Optoelectronics Corp (奇美電子) on Thursday to become Chimei Innolux Corp, Taiwan’s biggest LCD-panel maker.
Asia-Pacific to cut directors
The board of local telecom operator Asia-Pacific Telecom Co (亞太電信) yesterday approved the management’s proposal to reduce its number of directors to 21 from 34, a person familiar with the issue said.
The board will propose revising rules regarding company structure during the annual general shareholder’s meeting in June.
Shareholders will also elect new board directors at the meeting. The board will then elect a new chairperson to succeed Sophia Chiu (邱純枝).
Chiu, who represents Teco Electric & Machinery Co (東元電機), said she did not intend to seek a second term.
Teco holds less than one percent of Asia-Pacific Telecom.
Jih Sun to reduce capital
The board of Jih Sun Financial Holding Co (日盛金控) yesterday approved a proposal to cut the financial service provider’s capital by nearly 48 percent, or NT$23.8 billion (US$748.5 million), its exchange filing said.
After the capital reduction plan the company will have a smaller capital of NT$25.8 billion, the filing added.
Jih Sun in early January posted NT$5.62 billion in after-tax loss for last year, or NT$1.31 loss per share.
In another exchange filing, the board decided not to distribute any dividends to shareholders.
Separately, Jih Sun International Bank (日盛銀行) on Thursday was suspended by the Financial Supervisory Commission from operating trust-related businesses for the next three months after one of its sales managers was found negligent in disclosing the latest information to an investor.
The lender has settled about 97 percent of the investment dispute with its client, the commission said.
NT dollar edges up slightly
The New Taiwan dollar ended the week at NT$31.799 on the Taipei foreign exchange market yesterday, up NT$0.026 from the previous day’s close, on a turnover of US$782 million.
Goldman Sachs Group Inc yesterday raised its 12-month forecast for the NT dollar to NT$30 from a previous estimate of NT$30.50.
“We expect the fundamentals supporting our positive Taiwan dollar stance to increase further, including cyclical recovery gaining traction and the central bank’s likely increasing tolerance to Taiwan dollar strength,” Goldman Sachs said in a note.
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