TAIEX closes up 0.20 percent
The TAIEX closed up 0.20 percent yesterday after profit-taking emerged to erode early gains led by the high-tech sector, dealers said.
The weighted index rose 17.76 points to 8,736.59, after moving between 8,736.54 and 8,764.51, on turnover of NT$126.63 billion (US$4.20 billion).
However, the TAIEX retreated on previous gain after approaching psychological resistance at 8,800 points as investors tended to pocket their recent gains to compromise the upside, dealers said.
The paper and pulp sector scored the highest gains, finishing up 0.7 percent. Construction shares rose 0.6 percent, while plastics and chemicals, foodstuffs, textiles and machinery and electronics stocks all ended up 0.2 percent.
Fubon Life buys bank shares
Fubon Life Insurance Co (富邦人壽) bought 44.4 million shares in Chongqing Rural Commercial Bank Co’s (重慶農村商業銀行) initial public offering for HK$235.4 million (US$30.3 million), parent Fubon Financial Holding Co (富邦金控) said in an exchange statement yesterday. The purchase represents an 0.49 percent stake in the Chinese lender, according to the statement.
Delta seeking out orders
Delta Electronics Inc (台達電) is seeking orders for automotive electronics from major automakers around the world including China’s 10 largest car manufacturers, spokesman Jesse Chou (周志宏) said.
Chou declined to name companies in a phone interview with Bloomberg yesterday.
Acer plans to sell building
Acer Inc (宏碁), the world’s No. 2 PC maker, plans to sell an office building in Taipei’s Neihu district for between NT$2.4 billion and NT$3 billion, the Taipei-based company said in an exchange statement yesterday.
That is part of the PC maker’s broader plan to sell non-core assets, the company said in the statement after the board approved the proposal.
Formosa Plastics rejects report
A media report that Formosa Plastics Group’s (台塑集團) executive board members have signed an agreement to step down is untrue, the Taipei-based company said in an e-mailed statement today.
Apple Daily reported that seven top executives have agreed to step down from chairmanship of major units by 2015.
Rexchip approves R&D funds
Rexchip Electronics Corp (瑞晶電子), a computer memory chipmaker 64 percent owned by Japan’s biggest memory chipmaker Elpida Memory Inc, yesterday said the board approved spending of NT$995 million on research and development and new equipment next year.
The board also approved to cut spending on technological migration to 45-nanometer technology to NT$832 million from the previous estimate of NT$11.97 billion.
Powerchip Technology Corp (力晶科技), the nation’s top computer memory chipmaker, holds a 34 percent stake in Rexchip.
NT falls against greenback
The New Taiwan dollar finished lower yesterday, surrendering gains in the last minutes of trading on speculation the central bank intervened to check appreciation that may hurt exporters.
The currency rose as much as 1.8 percent on optimism overseas investors will add to holdings of the nation’s assets to benefit from economic growth. The Council for Economic Planning and Development forecast GDP will increase 5 percent next year, the Economic Daily reported yesterday.
The New Taiwan dollar fell 0.1 percent to close at NT$30.600 against its US counterpart, according to Taipei Forex Inc.