Wed, Feb 23, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

STAFF WRITER, WITH AGENCIES

TAIEX dips on Mideast unrest

The TAIEX closed down 1.87 percent yesterday, joining other Asian stock markets that were dragged down by uneasy sentiment about the unrest in the Middle East, dealers said.

The benchmark index fell 165.55 points to 8,673.67, after moving between 8,613.34 and 8,744.81, on turnover of NT$151.15 billion (US$5.1 billion).

Polaris Securities Co (寶來證券) warned investors that the impact of rising oil prices on inflation could continue.

A total of 813 stocks closed up, 3,785 finished down and 193 were unchanged.

No Sinopec plan: China Manmade

China Manmade Fibers Corp (中纖) yesterday denied a report that China Petrochemical Corp (中國石化), also known as Sinopec Group, planned to buy a stake in the Taiwan-based chemicals manufacturer.

Sinopec plans to acquire a stake in the Taiwanese company for more than NT$20 a share, the Chinese-language China Times reported on its Web site yesterday, without saying where it got the information.

“We haven’t been in contact,” Wu Hung-yang (吳宏揚), a spokesman at China Manmade Fibers, said by telephone.

Wu said he didn’t have any knowledge of the reported plan.

Huang Wensheng (黃文生), a Beijing-based spokesman for Sinopec, said he had not heard about the matter.

Nan Kang to buy back shares

Nan Kang Rubber Tire Co (南港輪胎) plans to buy back 14.5 million common shares representing 2.14 percent of outstanding shares at between NT$42 and NT$50 each from Feb. 23 to April 21, the company said in a statement to the stock exchange yesterday.

The shares repurchased from the open market will be transferred to employees, it said.

Elpida TDR to list on Friday

Japan-based chipmaker Elpida Memory Inc will list Taiwan depositary receipts (TDRs) on the Taiwan Stock Exchange on Friday, the exchange said in a statement yesterday.

The TDR listing will be the first by a Japanese company in Taiwan and the 24th by a foreign--registered company.

The Japanese chipmaker announced on Friday that it would issue 200 million TDRs priced at NT$21.30 each to raise a total of NT$4.26 billion. Each TDR will represent 0.05 common shares of the company.

Digitimes cuts notebook forecast

The rising popularity of tablet computers could undermine the growth of notebook computers worldwide this year as more corporate users switch to tablet devices, a Taipei-based research firm said yesterday.

Digitimes Research forecast in November that the global notebook computer market, which expanded 20.2 percent last year, would grow by another 15 to 20 percent this year. However, its surveys in recent months show that tablets are gaining among business customers, leading the researcher to cut its forecast to 12 percent, Digitimes senior analyst Joanne Chien (簡佩萍) said.

Many computer and electronics vendors plan to launch tablet models in the second half of this year, she said. Digitimes forecast that tablet sales would reach 61 million units this year, far exceeding the 18 million sold last year.

NT dollar plunges

The New Taiwan dollar dropped the most in more than three months yesterday as escalating tensions in the Middle East drove oil prices higher. It fell NT$0.191, or 0.7 percent, against the US dollar to close at NT$29.557 on turnover of US$1.849 billion, according to Taipei Forex Inc.

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