Shares close lower
Taiwan’s benchmark stock index closed 0.78 percent lower yesterday as investors pocketed significant recent gains with an eye on the market’s movement toward the nearest technical resistance at around 8,200 points, dealers said.
The TAIEX index fell 64.07 points to the day’s low of 8,099.75, off a high of 8,182.80, on turnover of NT$132.16 billion (US$4.16 billion).
The market opened 0.14 percent higher and continued to climb until profit-taking pressure emerged, focusing on select high tech and financial stocks, which reversed the early gains, dealers said.
A total of 2,347 stocks closed down and 1,381 up, while 344 remained unchanged.
Yieh Phui secures loan
Yieh Phui Enterprise Co (燁輝), Taiwan’s largest manufacturer of galvanized steel, said yesterday it had secured a five-year, NT$3 billion syndicated loan from seven local banks.
Chang Hwa Commercial Bank (彰化銀行), the lead arranger of the loan, provided NT$650 million, while Mega International Commercial Bank (兆豐國際商銀), Hua Nan Commercial Bank (華南銀行) and Taiwan Cooperative Bank (合作金庫銀行) served as co-arrangers, each putting up NT$500 million.
The company will use the loan to repay short-term debts, which will mature in one year, and to improve its financial structure. The company has a total of NT$17 billion in loans. Its total debt to total asset ratio stands at 39 percent.
Citibank expects growth
Citibank Taiwan Ltd (台灣花旗) said yesterday it expected all product groups to increase by 15 percent to 20 percent this year, outperforming the average market growth at 10 percent, after operating income rose 64 percent from the first seven months.
Stephen Bird, chief executive officer of Citi Asia Pacific, said in Taipei the company would continue to expand its local staff as part of its effort to increase its presence in the Greater China area.
“I’m confident in achieving the goal given the excellent colleagues and the macro-economic environment,” Bird said. Citigroup posted a net income of US$7.1 billion in the first half with the Asia Pacific region contributing around 37 percent, he said.
No action against Hsu: FSC
The Financial Supervisory Commission said yesterday it would not take action against Global Life Insurance Co (國寶人壽) vice chairman Hsu Shu-po (許舒博) unless it receives a corruption verdict against him in black and white.
Hsu, who won the chairmanship of the Life Insurance Association last month, was recently found guilty by the Taiwan High Court of taking money from an interest group as a legislator years ago.
The financial regulator said it has yet to hear of any leadership reshuffle plan from the insurer and that the insurance association falls outside its jurisdiction.
HannStar shows touch panels
LCD panel maker HannStar Display Corp (瀚宇彩晶) on Wednesday showcased new touch panel modules for smartphones, tablet devices and all-in-one desktop computers in cooperation with subsidiary Sintek Photronic Corp (和鑫光電) in China.
HannStar is supplying 5-inch, 7-inch and 10-inch touch panel modules to notebook computer maker Asustek Computer Inc (華碩電腦) and Chinese e-reader maker Hanvon Technology Co (漢王科技), the panel maker said in a statement.
HannStar also said it was scheduled to launch tablet devices under its HannSpree brand in Europe.
NT dollar falls against greenback
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.002 to close at NT$31.800. Turnover was US$636 million.