TAIEX recovers from losses
The TAIEX closed up 0.68 percent yesterday on a technical rebound after heavy losses in the previous session, dealers said.
The TAIEX rose 51.97 points to 7,668.25, after moving between 7,625.72 and 7,679.43, on turnover of NT$106.59 billion (US$3.33 billion).
The market opened up 0.36 percent as investors took advantage of low valuations as a result of the previous day’s dive and bargain hunters became more active during the trading session, largely picking up traditional industrial stocks to push the index higher, the dealers said.
A total of 2,515 stocks closed up and 1,150 were down, with 267 unchanged.
Car prices drop in Ghost Month
Domestic automobile sales dropped 32.4 percent last month from a month earlier, as people refrained from buying big-ticket items during Ghost Month on the Lunar calendar year, the latest government data showed.
A total of 24,184 cars were sold last month, tallies from the Ministry of Transportation and Communications showed. The cumulative sales from January to last month totaled 207,047, up 20.3 percent over the same period last year.
CPC Corp to raise LPG prices
State-run CPC Corp, Taiwan (CPC, 台灣中油) said it would raise domestic liquefied petroleum gas (LPG) prices for this month to reflect increased international costs.
The prices were increased by NT$1.5 per kilogram, the Taipei-based company said in a statement yesterday. The refiner said it would cut natural gas prices by an average 2.49 percent.
LPG, a by-product of oil refining, crude oil and gas production, is used for cooking, heating and as motor fuel. The wholesale price of the fuel for households will rise to NT$25.21 per kilogram from NT$23.71 effective today, the company said.
Golden Meditech to issue TDRs
Golden Meditech Holdings Ltd (金衛醫療集團), a Chinese integrated healthcare service provider, said yesterday in a statement it plans to issue Taiwan depositary receipts (TDRs). The company has appointed Polaris Securities (寶來證券) as its financial adviser for the planned listing.
Polaris Securities said Golden Meditech is expected to file an application to issue TDRs with the Financial Supervisory Commission by the end of the year.
Golden Meditech, which has been listed on the Hong Kong Stock Exchange since 2001, produces and sells medical devices and herbal medicine and provides medical care services.
ScinoPharm, Ruentex team up
ScinoPharm Taiwan Ltd (台灣神隆公司) and Ruentex Group (潤泰集團) have agreed to invest in US-based protein-based drug developer Tanvex Biologics Inc (天福生物醫藥), eying the large US biotech market, a ScinoPharm official said yesterday.
The two Taiwanese firms and Tanvex have signed an agreement on the investment to take a stake in the US biotech firm, but declined to disclose the investment amount.
Lee Lih-yan (李立言), vice president of Tanvex Biologics’ Taiwanese unit, said ScinoPharm and Ruentex would work with Tanvex to operate a new plant planned by the US side, to be located in San Diego, California.
“The new plant is scheduled to be set up in one year, focusing on developing protein-based drug biosimilars, which Tanvex specializes in,” Lee said.
NT rises against greenback
The New Taiwan dollar rose against the US dollar yesterday, up NT$0.027 to close at NT$32.075.
Turnover totaled US$527 million during the trading session.
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