TAIEX down on sell-off
Taiwan’s benchmark index closed down 0.62 percent yesterday as investors pocketed the significant gains posted in the previous two trading sessions, dealers said.
The TAIEX fell 52.19 points to 8,291.04, after moving between 8,285.73 and 8,372.52, on turnover of NT$110.17 billion (US$3.59 billion).
The TAIEX opened up 0.32 percent but began to lose steam as investors witnessed declining regional markets, including Shanghai, Hong Kong, Tokyo and Seoul, and cut their holdings, with selling focusing on old economy stocks, the dealers said.
A total of 2,678 stocks closed down and 1,194 were up with 330 remaining unchanged.
Acer sees growth this quarter
Acer Inc (宏碁), the world’s second-largest computer maker, expects sales to rise 5 percent to 10 percent this quarter from the prior period, it said in an e-mail yesterday, confirming comments made by Acer chief executive Gianfranco Lanci earlier in the day.
Revenue may rise 10 percent to 15 percent next year from this year, the company said. Acer will announce a tablet computer on Nov. 23, it said.
Sunny Bank sells bonds
Sunny Bank Ltd (陽信商銀) priced NT$800 million of seven-year bonds, according to data compiled by Bloomberg.
The Taipei-based lender sold NT$500 million of 3.25 percent notes bonds and NT$300 million of floating notes priced to yield 171 basis points more than the deposit savings rate, the data show.
Garment firm applies for listing
Tainan Enterprise (Cayman) Co (台南企業[開曼]), a China-based garment designer and producer, has filed an application with the Taiwan Stock Exchange for a primary listing, the exchange said on Tuesday.
The exchange said the firm’s parent company is Taiwan-based Tainan Enterprises Co (台南企業), which has been listed on the local main board since 2000.
The Cayman Islands-registered entity, capitalized at NT$573 million, operates a fashion wear design and production base in Shanghai, targeting mid and upscale customers in China.
The company has a distribution network with more than 800 outlets in China, which accounts for almost 100 percent of the company’s annual sales.
According to a company prospectus, it is planning to issue 7.82 million new shares for the listing, with a price tentatively set at NT$52.
Silicon Valley firms to invest
Many enterprises in California’s Silicon Valley have signed letters of intent to increase their investments in Taiwan, Vice Minister of Economic Affairs Lin Sheng-chung (林聖忠) said during a visit to the US high-tech hub on Tuesday.
Leading a business delegation, Lin said he had visited several companies in the valley, including A10 Network, which specializes in cloud computing, Henlius Biopharmaceuticals, Cisco and Lam Research since arriving in California two days earlier on a trip aimed at drawing investors to Taiwan.
Many enterprises have expressed interest in opening research and development centers in Taiwan, Lin said.
NT dollar loses to US dollar
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.14 to close at NT$30.9.
Turnover totaled US$1.05 billion during the trading session.
Dealers said a stronger US dollar in the regional markets against other Asian currencies, including the Chinese yuan, imposed pressure on the local currency.
A downslide on the local bourse added selling pressure to the NT dollar, they said, adding that the selling was conducted largely by foreign banks.
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