TAIEX drops 0.73 percent
Share prices closed lower yesterday, with the TAIEX index falling 60.37 points, or 0.73 percent, to close at 8,111.57.
The bourse opened at 8,161.85 and fluctuated between 8,090.68 and 8,162.85 during the day’s trading. Market turnover totaled NT$121.17 billion (US$3.86 billion).
Six of eight major stock categories lost ground, with cement issues dropping the most at 1.1 percent.
Losers outnumbered gainers 2,003 to 1,118, with 279 stocks remaining unchanged.
Developer sues chairman
China Metal Products Co (勤美) filed criminal and civil complaints against its chairman Ho Ming-hsien (何明憲) at a district court in Tainan, the property developer said in an exchange filing yesterday.
Ho was released on NT$70 million (US$2.2 million) bail on July 31, a day after prosecutors indicted him on charges of embezzlement and breach of trust.
“The trial is still ongoing,” company spokeswoman Ho Pei-fen (何佩芬) said by phone. “What we did today was at the request of our supervisory board in case our chairman was found guilty and caused damage to the company.”
The chairman has denied any wrongdoing, she said.
CPC may move No. 3 cracker
State-run CPC Corp, Taiwan (CPC, 台灣中油) said it is considering moving its No. 3 naphtha cracker to Indonesia after 20 years of operation.
“We’re studying the possibility of moving the whole plant,” vice president Lin Maw-wen (林茂文) said by telephone yesterday. “We’ve started making contact with Indonesian officials about it.”
Indonesia, the biggest oil and gas producer in Southeast Asia, doesn’t have sufficient refining capacity to meet its domestic demand for oil products.
The CPC plant in Kaohsiung would be decommissioned in 2012 if it wasn’t relocated, Lin said.
Capital Securities plans deal
Capital Securities Corp (群益證券) may buy Taiwan International Securities Corp (金鼎證券), the Chinese-language Commercial Times reported, without saying where it got the information.
Capital Securities may exchange one Taiwan International share for every 0.6 to 0.7 Capital Securities share, the daily said. Capital Securities may meet China Development Financial Holding Corp (中華開發金控), Taiwan International’s biggest shareholder, this month to discuss the agreement, the Taipei-based newspaper said.
Verizon to retail ‘Incredible’
Verizon Wireless is set to retail HTC Corp’s (宏達電) “Droid Incredible” smartphone in the US beginning on April 29.
The Android-based Droid Incredible is the first Verizon phone to use Qualcomm’s 1GHz Snapdragon processor, and its first to include an 8-megapixel camera, according to a statement from HTC, the world’s leading maker of smartphones running on Windows Mobile and Android platforms.
NT dollar little changed
The New Taiwan dollar edged slightly lower against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.015 to close at NT$31.390.
The NT dollar was little changed yesterday on suspected intervention by the central bank, which said on March 25 it would “maintain order in the foreign-exchange market” if “irregular factors cause large fluctuations.”
“The central bank is fine-tuning, allowing the Taiwan dollar to jump a tad,” said Tigr Cheng (程裕城), a strategist at Polaris Securities Co (寶來證券). A total of US$807 million changed hands on the Taipei Forex Inc.