TAIEX up on rotational buying
The TAIEX closed up 0.38 percent yesterday as buying shifted to construction and transport stocks despite a lackluster performance on Wall Street overnight, dealers said.
The TAIEX rose 31.22 points to close at the day’s high of 8,163.82, off a low of 8,113.97, on turnover of NT$144.49 billion (US$4.56 billion).
The market opened up 0.25 percent, with the gains sustained by active rotational buying focused on property developers and airline companies. However, its strength was likely capped by the technical resistance near the 8,200 level, dealers said.
A total of 2,099 stocks closed up while 1,715 were down, with 345 remaining unchanged.
No change in bank group head
Taiwan Financial Holding Co (台灣金控) chairwoman Susan Chang (張秀蓮) was yesterday elected for a second term as head of the Bankers Association of the Republic of China (銀行公會), the association said in a statement.
Chang will hold the post for another three years but cannot seek re-election for a third time in 2013, the association said.
Founded in 1983, the association is devoted to helping implement economic, financial and monetary policies, as well as commercial laws. It also serves as a bridge between the government and member banks, as well as between member banks to protect the rights of members and settle disputes.
KYE makes non-PC products
KYE Systems Corp (昆盈企業), a major maker of PC peripherals sold under the brand Genius, is moving into the non-PC business, beginning with the rollout of a robotic vacuum cleaner later this month.
Vice president Lee Paishan (李百祥) announced on Tuesday the launch of the “Agama” brand for non-PC products, including the robotic vacuum cleaner and LED lamps.
The vacuum cleaner will be sold for US$99 to US$249 to target the low and middle-end markets. The company will do both production and brand promotions for the new product.
KYE is also studying the feasibility of producing LED lamps and expects to make a final decision before the end of this year, Lee said.
Other products in the pipeline include digital cameras and tablets.
Taiwan to limit cement exports
The government will cap cement exports at 30 percent of the nation’s total output by 2015 to encourage the phase-out of old and inefficient plants that are heavy polluters, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said on Tuesday.
Shih said that with domestic demand declining, local cement producers have raised their export volume over the past few years to about 50 percent of total production to make use of idle capacity.
However, as limits on cement exports are phased in annually over the next five years, the minister said, local cement producers are expected to cut production by closing down outdated factories to ensure a balanced supply.
Taiwan’s cement production exceeded 15 million tonnes last year, of which half was sold overseas.
NT dollar edges higher
The New Taiwan dollar pared early gains after Japanese intervention to weaken the yen spurred speculation Taiwan’s central bank would step in to check the currency’s appreciation.
The NT dollar gained for a sixth day, rising 0.1 percent to close at NT$31.798 against the US dollar, according to Taipei Forex Inc. It earlier reached NT$31.65, the highest level since Aug. 4. Turnover was US$686 million.
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