Wall Street bolsters TAIEX
The TAIEX closed sharply higher yesterday, extending gains from the previous session as buying was triggered by a further upside on Wall Street overnight amid solid results reported by US high-tech heavyweights, such as Intel and IBM, dealers said.
The weighted index rose 144.37 points, or 1.63 percent, to close at 8,957.65, on turnover of NT$158.89 billion (US$5.48 billion).
The financial sector scored the highest gains, finishing up 3.4 percent. Chemical and plastics stocks rose 3.3 percent, textiles added 2.6 percent, foodstuffs grew 1.8 percent, while the paper and pulp sector closed up 1.6 percent.
“It was another Wall Street-driven gain, but it is possible for the local bourse to encounter selling pressure as the index moves closer to 9,000 points on profit taking,” Hua Nan Securities (華南永昌投顧) analyst Henry Miao (苗台生) said.
Miao said that while Apple reported better-than-expected earnings for the first quarter after Wall Street closed, the tech giant has turned cautious about its second quarter outlook because of the impact on its Japanese supply chain after a devastating earthquake and tsunami last month.
“The supply chain concerns may prompt investors to lock in profit on the US market. Investors here may follow suit,” Miao said.
Mstar approves dividend plan
Mstar Semiconductor Inc (Cayman) (開曼晨星半導體), the world’s biggest chipmaker for flat-panel TVs, yesterday said its board had approved the distribution of a NT$10 per share cash dividend, a 4.27 percent dividend yield compared with the stock’s closing price of NT$234 on Wednesday.
The chip designer is also distributing a NT$1 per share stock dividend, an e-mailed company statement said.
The board also approved allocating NT$1.63 billion for employee bonuses, including cash and stock.
The dividend distribution proposal is scheduled to be discussed during the firm’s annual general shareholders’ meeting on June 10.
Scooter rebates hit 5,000
About 5,000 electric scooters had been sold by Wednesday with buyers taking advantage of a cash rebate after the government launched a scheme to promote the uptake of such vehicles in 2009, the Ministry of Economic Affairs said yesterday.
The ministry has been paying out either NT$8,000 or NT$11,000 in cash rebates per scooter certified under the scheme.
Seven electric scooters from six makers have been certified for the rebates. These makers are Sanyang Industry Co (三陽工業), E-Ton Power Tech Co (益通動能科技), Kwang Yang Motor Co (光陽工業), China Motors Corp (中華汽車), EVT Technology Co (易維特科技) and Kentfa Advanced Technology Corp (見發先進科技), the ministry’s statement said.
Chinatrust inks agreement
Chinatrust Financial Holding Co (中信金控) has signed an agreement to cooperate with China Development Bank Corp (國家開發銀行) in areas including syndicated loans, investment business, and staff training, the Taipei-based company said in a statement to the Taiwan Stock Exchange yesterday.
Dividend boosts Asustek stock
A dividend distribution planned by Asustek Computer Inc (華碩電腦), one of the nation’s leading PC vendors, appeared attractive to investors as the firm’s share price climbed sharply higher yesterday, an analyst said.
On Wednesday, Asustek announced that its board proposed to pay a NT$16.2 dividend for last year, the highest dividend payout in the company’s history.
Asustek’s share price to NT$249 yesterday morning, up 3.11 percent from Wednesday’s close.
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