TAIEX inches up
Taiwan’s benchmark index closed 0.12 percent higher yesterday as profit-taking emerged to erode early gains after the index breached technical resistance at around 8,200 points, dealers said.
The TAIEX rose 9.44 points to close at 8,196.40, after moving between 8,177.40 and 8,251.42, on turnover of NT$129.68 billion (US$4.10 billion).
The market opened up 0.77 percent as investors took hints from a Wall Street surge overnight, but once the index hit the day’s high, selling took over, focusing on old economy stocks that had recently staged significant gains, dealers said.
A total of 2,031 stocks closed down and 1,775 finished up, with 399 remaining unchanged.
Ruentex, Permira join for bid
Ruentex Industries Ltd (潤泰) will team up with Permira Advisers LLP to make a second-round bid within the next two days for MBK Partners Ltd’s stake in China Network Systems Co (CNS, 中嘉網路), Tseng Ta-mon (曾達夢), a manager at Ruentex’s investment department said by telephone yesterday.
Ruentex will hold 51 percent in a venture to be incorporated in Taiwan for the acquisition and Permira will have the remaining 49 percent stake, Tseng said.
EU won’t appeal WTO ruling
The EU won’t appeal a WTO ruling that it broke trade laws by imposing import duties on US$11 billion in high-tech electronic goods such as computer monitors and cable set-top boxes.
“After careful consideration, the EU has decided not to appeal the panel report in the ITA [Information Technology Agreement] dispute,” John Clancy, a spokesman for the European Commission, the EU’s trade authority in Brussels, said by telephone.
Yesterday was the deadline for the EU to appeal the ruling, which the commission said last month may cost the bloc as much as 300 million euros (US$394 million) in revenue a year.
The WTO on Aug. 16 backed all claims in a complaint by the US, Japan and Taiwan saying the EU was violating the ITA by imposing tariffs as high as 14 percent on imports of flat-panel computer monitors, certain cable and satellite set-top boxes and multifunction printers.
Deutsche Borse mulls office
Deutsche Borse Group said it is studying the feasibility of setting up an office in Taiwan after it admitted local brokers to its unit Eurex, Europe’s largest derivatives exchange.
“We are discussing this subject with the Securities and Futures Bureau of Taiwan’s Financial Supervisory Commission, and haven’t finalized any decision,” Michael Hsih (姒元忠), senior vice president of the group’s Business Development Asia & Middle East, said in Taipei yesterday.
IMAX, CJ CGV to build theaters
IMAX Corp said it has teamed up with a South Korean cinema chain to open 15 big-screen theatres in China, marking the Canadian company’s single biggest deal in Asia.
IMAX signed an agreement with a subsidiary of South Korea’s CJ CGV Co, which already operates five IMAX theaters in South Korea, to install the digital theater systems in China, the Canadian firm said on its Web site on Monday.
CJ CGV will install two IMAX theaters next year, with the rest to be completed by 2015, the statement said, without identifying the locations for the new cinemas.
NT dollar closes lower
The New Taiwan dollar lost against the US dollar yesterday, down NT$0.013 to close at NT$31.765.
Turnover totaled US$788 million during the trading session.