TAIEX rebounds from losses
The TAIEX staged a rebound yesterday from heavy losses in the previous session as investors were reassured somewhat by Luxemburg Prime Minister Jean-Claude Juncker’s statement that a solution to the debt crisis in Greece would be found.
The TAIEX rose 66.94 points, or 0.78 percent, to 8,597.62, after moving between 8,523.04 and 8,617.96, on turnover of NT$100.72 billion (US$3.47 billion).
The financial sector scored the largest gains, finishing up 1.3 percent. Foodstuffs added 1.2 percent, machinery and electronics rose 1.1 percent and the textile and construction sectors closed up 0.2 percent.
However, led by Formosa Plastics Group (台塑集團) units, the plastics and chemical sector dropped 1.3 percent on concerns over falling demand in the Chinese market.
FPG denies revenue comment
Formosa Plastics Group (台塑集團, FPG) yesterday denied FPG chairman William Wong (王文淵) told shareholders of flagship unit Formosa Plastics Corp (台塑) on Monday that the group’s revenues would fall betweent 20 percent and 30 percent in the second half of this year from the first half.
The group said Wong was commenting on the industry outlook and did not give sales or profit forecasts for individual companies.
Chimei denies leave request
Chimei Innolux Corp (奇美電子), the nation’s largest maker of LCDs, said workers were not being asked to take annual leave, denying a local media report yesterday.
Employee attendance is normal, the company said in a statement to the Taiwan Stock Exchange. Chimei Innolux and larger rival AU Optronics Corp (友達光電) cut factory use and asked workers to take annual leave because of slowing demand, the Economic Daily News reported, without saying where it got the information. AU Optronics also denied the report in a separate exchange statement.
Shares of Chimei Innolux dropped 4.63 percent to NT$22.65, the lowest close since Dec. 30, 2008, while AU Optronics gained 2.31 percent to NT$19.90, reversing an earlier loss.
Tourism gains remain unclear
Even as Taiwanese businesspeople anticipate the purchasing power of soon-to-arrive independent Chinese tourists, Hsu Chin-jui (許晉睿), chairman of the Travel Association of Chinese, said yesterday that the tourism industry should not draw conclusions too quickly.
The free independent Chinese tourists (FIT) program is slated to start later this month, and the tourism industry has been looking forward to their arrival, but Hsu thinks it is still not clear how the Chinese FIT will spend their money.
Therefore, the economic benefits of these type of tourists is still open to question, Hsu said.
Foreign sailors will get refund
A spokesman for the Directorate-General of Customs (DGOC) said yesterday that crew members of foreign shipping vessels that hold temporary entry permits would be able to make a claim for a tax refund before they leave the country.
The DGOC said conflicts sometimes arise because crew members with temporary entry permits cannot immediately file for a tax rebate. However, starting on July 1, they will be able to file tax refunds even after their ship has cleared customs.
NT dollar rises slightly
The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.051 to close at NT$28.949.
Turnover totaled US$836 million during the trading session.
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