TAIEX remains steady
Share prices closed little changed yesterday as sentiment turned cautious ahead of a quarterly policy making meeting to be held by the central bank later in the day, dealers said.
The TAIEX fell 3.11 points, or 0.04 percent to 8,237.78, after moving between 8,204.84 and 8,267.55, on turnover of NT$124.52 billion (US$4 billion).
The market opened up 0.22 percent on follow-through buying, but profit-taking emerged to erode the gains amid fears that the central bank would further tighten liquidity after the local economy staged a strong rebound in the first half of this year, dealers said.
A total of 2,199 stocks closed down and 1,665 up, with 350 remaining unchanged.
Investment push a success
The government’s global investment promotions have attracted new projects worth NT$302.57 billion (US$9.7 billion), the Council for Economic Planning and Development (CEPD) said yesterday.
The tally was counted from when the efforts began in July until Sept. 10, CEPD Minister Christina Liu (劉憶如) said in a report delivered to the Cabinet.
Five investment solicitation events held in Taiwan during the period drew over 2,000 participants from more than 600 organizations, including 105 foreign organizations from 25 countries, Liu said.
Liu said the government will send missions to Japan, Singapore, Europe and the US later this year to advertise investment opportunities, and will go to China, India, South Korea and Southeast Asia in the first quarter of next year.
Yulon, Dongfeng ink joint deal
Yulon Motor Co (裕隆汽車) and China’s Dongfeng Motor Corp (東風汽車) signed an agreement to jointly invest in a 3.4 billion yuan (US$508.2 million) venture in the eastern Chinese city of Hangzhou to produce Luxgen-brand cars.
The venture, which will make Luxgen passenger cars and electric vehicles, will have an annual capacity of 120,000 vehicles during the first stage, Yulon said in an e-mailed statement.
Dongfeng Yulon Motor Co (東風裕隆), equally owned by the two investors, will have initial capital of 1.55 billion yuan. The venture will start mass production from the middle of next year the companies said.
FSC signs deal with US NAIC
The Financial Supervisory Commission (FSC) will cooperate with the US National Association of Insurance Commissioners (NAIC) in the regulation and supervision of the insurance industry, the -Cabinet-level agency said yesterday.
The country’s top financial watchdog signed a memorandum of understanding with the NAIC on Tuesday to lay out a framework for information sharing and technical assistance in monitoring insurance industry operations, the commission said in a statement.
It was the 43rd cooperative agreement the FSC has signed with foreign counterparts to promote international cooperation in financial service regulation and monitoring, the statement said.
NT rises against greenback
The New Taiwan dollar had its best monthly advance since March last year as the faster yuan appreciation brightened the outlook for exports and an improving economy spurred overseas demand for Taiwan’s assets.
The NT dollar completed its biggest two-day gain in eight weeks before the central bank lifted its discount rate on 10-day loans by 12.5 basis points to 1.5 percent after the close of trading yesterday.
The NT dollar closed 0.2 percent stronger to NT$31.33 against its US counterpart, according to Taipei Forex Inc. It was trading 0.5 percent stronger at NT$31.24 one minute before trading ended.
STAFF WRITER, WITH AGENCIES
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