US tech stocks pull TAIEX down
The TAIEX fell 1.64 percent yesterday, dragged down by overnight losses on US tech stocks and a downward revision of Taiwan’s economic growth prospects by Morgan Stanley.
The benchmark index closed down 126.79 points to end at 7,614.97 on turnover of NT$119.087 billion (US$4.11 billion).
A total of 1,144 stocks closed up and 3,421 were down, with 384 unchanged. All sectors closed down, of which construction stocks suffered the heaviest losses, finishing down 2.6 percent.
HKEx, China bourses in talks
The Hong Kong stock exchange said yesterday it is in talks with bourses in China to set up a joint venture in the city, in the latest step toward boosting economic integration.
HKEx, the world’s most valuable exchange operator, said in a statement that it has agreed to enter into “detailed discussions” with the Shanghai and Shenzhen stock exchanges over a possible tie-up.
“Currently the possible areas of business operation of the joint venture company include, but are not limited to, the development of index and other equity derivative products and the compilation of new indexes,” it said.
Taishin names acting president
Taishin Financial Holding Co (台新金控) appointed Chen Long-zheng (陳龍政) as acting president, it said in a statement to the Taiwan Stock Exchange yesterday. Lin Keh-hsiao (林克孝), former president, fell to his death in a hiking accident on Aug. 10.
CAL expands China routes
Taiwan’s largest carrier, China Airlines Ltd (CAL, 中華航空), announced yesterday that it will add three more Chinese cities — Wuxi, Sanya and Yancheng — to its schedule, starting at the end of this month. All three flights will operate out of Taiwan Taoyuan -International Airport, CAL said.
The China Eastern Airlines Corp (中國東方航空) will cooperate on the Wuxi City route in a collaborative arrangement with CAL, according to the Taiwanese airline.
CAL said earlier this month that it would a launch a new direct flight from Kaohsiung to Beijing every Friday night and returning the next day, starting on Sept. 9.
China Mobile profit up 6.3%
China Mobile Ltd (中國移動), the world’s biggest mobile phone company by subscribers, said yesterday its first-half profit rose 6.3 percent as sales were boosted by greater usage of mobile Internet devices.
The Beijing-based company said profit was 61.3 billion yuan (US$9.6 billion) for the six months ended June 30. Revenue climbed 8.8 percent to 250.1 billion yuan.
China Mobile added 32.8 million customers in the first half of the year for a total of 610 million at the end of June.
LCD TV shipments jump
Second-quarter LCD TV shipments by Taiwanese major contract makers grew 7.3 percent compared with the first quarter, said WitsView, the research arm of TrendForce Corp (集邦科技), in a statement yesterday.
The top-five makers were TPV Technology Ltd (冠捷), Hon Hai Group (鴻海集團), Wistron Corp (緯創), Compal Electronics Inc (仁寶電腦) and Amtran Technology Co (瑞軒), in that order.
WitsView estimated 23 percent to 25 percent of worldwide LCD TVs this year would be manufactured by Taiwanese makers, translating to a volume of about 47 to 49 million units.
NT dollar slips NT$0.028
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.028 to close at NT$28.990.
Turnover totaled US$782 million during the trading session, compared with US$823 million on Wednesday.