Thu, Dec 09, 2010 - Page 11 News List

[ BUSINESS BRIEFS ]

STAFF WRITER, WITH AGENCIES

TAIEX closes virtually flat

The TAIEX closed little changed yesterday as many investors stayed on the sidelines, unwilling to chase after the recent surge in share prices, dealers said.

The TAIEX fell 0.6 points, or 0.01 percent, to 8,703.79, after moving in a narrow range of 8,683.98 to 8,729.70, on turnover of NT$124 billion (US$4.12 billion).

The market opened up 0.27 percent and moved to the day’s high on follow-through buying, but profit-taking in old economy stocks eroded the early gains.

At the same time, bargain hunters lifted select high-tech stocks that offer relatively low valuations, dealers said.

A total of 1,860 stocks closed up, 2,181 finished down and 414 remained unchanged.

Neo Solar aims to double sales

Neo Solar Power Corp (新日光), the nation’s third-largest solar-cell maker by market value, said it aimed to double shipments next year as demand rises.

The company may ship 1 gigawatt of cells next year, from an estimated 500 megawatts this year, chairman Quincy Lin (林坤禧) said yesterday.

The firm may sell shares next year to help fund expansion, he said, without giving details.

“In order to catch market opportunities, we’ll raise funds from equity,” Lin told reporters in Taipei.

Hsinchu-based Neo Solar’s annual production capacity may increase to 1.2 gigawatts by the end of next year, from 800 megawatts currently, Lin said.

One megawatt can power about 800 US homes.

The company plans capital spending of NT$10 billion for next year, more than double this year’s estimated NT$4.5 billion, as it expands capacity, Lin said.

Motech Industries Inc (茂迪) and Gintech Energy Corp (昱晶能源) are Taiwan’s biggest solar-cell makers.

Chipmaker Mstar plans IPO

Mstar Semiconductor Inc (晨星半導體), which designs chips used in flat-panel TVs, said in a filing to the Taiwan Stock Exchange yesterday that it planned to sell 28 million common shares at a price of NT$250 to NT$310 per share on the local bourse.

The Cayman Islands-registered chipmaker, which competes with MediaTek Inc (聯發科), Broadcom Corp and STMicroelectronics NV, could launch its initial public offering (IPO) by the end of this year. It did not specify a date.

However, Dow Jones Newswires reported yesterday that MStar plans to list on the main bourse on Dec. 24, citing the company’s listing document.

The company is seeking to raise up to US$300 million in the IPO, Dow Jones reported, citing a person familiar with the situation.

Mstar Semiconductor obtained approval from the Financial Supervisory Commission to list its shares on Nov. 9.

Vale makes HK trading debut

Brazilian mining giant Vale made its Hong Kong trading debut yesterday, the first South American firm to list in the territory, as the company raises its exposure to resource-hungry China.

Sao Paulo-based Vale, which has a market capitalization of about US$176 billion, is already traded in Brazil, New York and Paris and was not raising new money.

Vale’s common share depositary receipts closed slightly down at HK$265.20 after opening at HK$270 on a cautious day for a market anxious about Chinese economic policy. Hong Kong’s benchmark Hang Seng index lost about 1.4 percent as traders anticipate a likely interest rate hike.

NT dollar ends lower

The New Taiwan dollar fell NT$0.076 against the US dollar to close at NT$30.706 yesterday on turnover of US$532 million.

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