TAIEX starts well, closes down
Share prices in Taiwan opened in positive territory yesterday, but ended up falling marginally, pulled down by weakened sentiment in the cement and construction sectors.
The TAIEX closed down 30.37 points, or 0.41 percent, to end at 7,312.59 on turnover of NT$121.949 billion (US$4.20 billion).
The market opened up 124 points after the opening bell, sending the index to the day’s high of 7,468.74, but then plunged below 7,300, falling to the day’s low of 7,248.69 shortly before noon.
A total of 1,514 stocks closed up and 2,818 were down, with 492 remaining unchanged. Most of the eight main sectors on the exchange closed down, while the financial sector rose 0.2 percent.
TWSE urges share buybacks
Taiwan Stock Exchange Corp (TWSE, 台灣證交所) on Sunday asked listed companies to continue to buy back shares and hold investors conferences to boost market confidence.
TWSE said in a statement that 96 listed companies had announced share buyback plans from June 1 to Friday, of which 83 are still ongoing.
Five banks get China go-ahead
China has approved five overseas banking institutions to enter the interbank bond market, according to a statement on Chinamoney.com.cn, a Web site of the China Foreign Exchange Trade System.
The banks include Industrial and Commercial Bank of China Ltd’s (中國工商銀行) Macau unit and Malaysia unit, Bank of Communications Co’s (交通銀行) Macau unit, Oversea-Chinese Banking Corp (華僑銀行) and Fubon Bank (Hong Kong) Ltd (香港富邦銀行).
Formosa reopens crude unit
Formosa Petrochemical Corp (台塑石化) resumed operations at a crude-distillation unit on Sunday, ICIS reported, citing unidentified people familiar with the situation.
The firm plans to start two other crude units in the coming days, ICIS said, without giving dates.
Formosa Petrochemical declined to comment yesterday. It shut its 540,000 barrel-a-day refinery after a July 30 leak and fire at a propylene--recovery unit damaged power cables.
CSC probes steel imports
China Steel Corp (CSC, 中鋼) said on Sunday that cheap steel flowing into Taiwan from several countries has had a huge impact on the local market and that it is planning to file an anti-dumping lawsuit to stem the influx.
CSC has consulted the Ministry of Finance and the Chinese National Federation of Industries (全國工業總會) on anti-dumping duties for such cheap imports. The company said its lawyers are evaluating the possibility of anti-dumping charges and might suggest the imposition of anti-dumping duties.
Quoted steel prices from firms in China, Japan, South Korea and India are substantially lower and have led to Taiwanese steel firms seeing a decline in orders for exports and domestic use, CSC said.
Yang Ming to launch new route
Yang Ming Marine Transport Corp (陽明海運), the nation’s second--biggest container shipping line, will provide a direct Japan-Taiwan-Indonesia service, the company said yesterday in a statement.
The service — which is jointly operated with Wan Hai Lines Ltd (萬海航運), the third-largest shipping line, and Japan’s Interasia Lines Ltd — will begin at the end of this month, the statement said.
The service will run with four containerships, each having a capacity of 1,200 twenty-foot equivalent units, it added.
NT dollar closes higher
The New Taiwan dollar rose against the US currency yesterday, adding NT$0.056 to close at NT$29.020. Turnover totaled US$693 million during the trading session.