TAIEX rises on cautious trade
The TAIEX closed up 0.55 percent yesterday amid a cautious investing sentiment, dealers said.
The TAIEX closed 47.61 points higher, ending at the day’s high of 8,780.20, on relatively low trading volume of NT$89.425 billion (US$3.08 billion).
The index had dropped to a low of 8,700.08 at one point during the day.
A total of 2,108 stocks closed up, 1,834 finished down and 607 remained unchanged.
In particular, shares of the nation’s two largest airline companies rose in anticipation of a major rise in the number of Chinese visitors to Taiwan as well as the easing travel restrictions on Japan.
China Airlines Ltd (中華航空) gained 1.60 percent to end at NT$19 and EVA Airways Corp (長榮航空) saw its shares shoot up by 4.25 percent to close at NT$27.
Rate of return largely negative
Shares on Taiwan’s stock market had an average rate of return of negative 3.22 percent in the first quarter of the year, Taiwan Stock Exchange Corp. (TWSE, 台灣證交所) said yesterday.
The benchmark TAIEX hit a high of 9,220 points on Feb. 8, the first day after the Lunar New Year holiday, but was dragged down by the effect of Japan’s devastating earthquake to a low of 8,070 points on March 15.
Among individual stocks, EVA Airways had the poorest rate of return on the market at negative 36.82 percent because of soaring oil prices.
Genesis Photonics Inc (新世紀光電) had the best rate of return at 74.33 percent, backed by reports that the company might forge a partnership with Beijing-based China Potevio Co (中國普天信息).
Toshiba sticking with Phison
Toshiba Corp has no plan to sell its stake in Taiwanese flash card reader manufacturer Phison Electronics Corp (群聯電子), spokesman Keisuke Ohmori said by telephone from Tokyo yesterday.
He was responding to queries on speculation Toshiba may sell its stake in the Hsinchu-based company.
Phison slumped as much as 6.7 percent during Taipei trading yesterday and closed 1.3 percent higher.
Toshiba owns 12.36 percent of Phison, according to data compiled by Bloomberg.
UMC to double size of raises
United Microelectronics Corp (UMC, 聯電), the world’s second-largest contract chipmaker, said yesterday it would double the percentage of pay raise for its employees this year.
The company said it would increase wages by 7.5 percent, which is twice the level of previous years.
It decided to do so because its employees face rising inflationary pressure and it needs to increase the competitiveness of its salaries, the company said.
UMC posted NT$23.898 billion in after-tax net profit last year, which represents a 5.16-fold increase year-on-year.
MediaTek Inc (聯發科), the country’s largest handset chip designer, also said it will give pay hikes in the first half of this year, but did not elaborate on how much it will be.
Ofer orders two ships
CSBC Corp, Taiwan (CSBC, 台灣國際造船), the nation’s largest shipbuilder, got an order from Ofer Maritime Ltd to build two container ships for US$57.6 million, CSBC said in a statement to the stock exchange yesterday.
NT dollar gains
The New Taiwan dollar gained ground against the US dollar yesterday, rising NT$0.023 to close at NT$29.089.
Turnover totaled US$862 million during the trading session.
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