Early gains evaporate
Shares on the Taiwan Stock Exchange opened stronger yesterday following a strong surge on Wall Street overnight, but faced pressure later in the session, closing up by less than 1 percent on the highest turnover in more than two months.
The TAIEX opened at 7733.96 and traded between a low of 7,602.63 and a high of 7,743.37, before closing up 50.85 points, or 0.67 percent, at 7,616.06 on turnover of NT$143.6 billion (US$4.81 billion).
In all, 2,387 shares ended higher, 2,080 finished lower and 473 remained unchanged.
Government auctions debt
The government sold NT$25 billion of 182-day Treasury bills at a discount rate of 0.77 percent at an auction yesterday, the central bank said in a telephone conference call.
The sale attracted bids for 2.52 times the amount on offer, the central bank said.
Hon Hai to ink agreement
Hon Hai Group (鴻海科技集團) plans to sign an investment agreement today with the Central Taiwan Science Park in Taichung, according to an e-mailed statement from the company yesterday.
Hon Hai, which makes parts for Apple Inc’s iPad and Hewlett-Packard Co computers, plans to invest in research and development related to automation, with the facility to include production factories, the Taipei-based company said. The company did not give financial details of the investment.
Cathay United to sign deal
Cathay United Bank’s (國泰世華銀行) board approved plans to sign a cooperation agreement with China Development Bank (國家開發銀行), Cathay Financial Holding Co (國泰金控), parent of the Taipei-based lender, said in a statement to the Taiwan Stock Exchange yesterday.
Cathay United Bank’s Shanghai branch plans to set up a sub-branch in Minhang district, according to a separate statement.
Formosa Plastics posts results
Formosa Chemicals & Fibre Corp (台灣化學纖維) yesterday reported the highest net profit among Formosa Plastics Group’s (台塑集團) four largest companies in the first nine months of the year at NT$35 billion, compared with a profit of NT$34.1 billion a year earlier.
The other three main units are Formosa Plastics Corp (台塑), Nan Ya Plastics Corp (南亞塑膠) and Formosa Petrochemical Corp (台塑石化).
Formosa Plastics reported nine-month net income of NT$34.9 billion, up from NT$33.2 billion a year earlier. Formosa Petrochemical reported nine-month net income of NT$25.8 billion, compared with NT$28 billion a year earlier, while Nan Ya reported nine-month net income of NT$25.3 billion, down from NT$32.4 billion a year earlier.
Zara to open first store
Fast-fashion retailer Zara is scheduled to open its first store in Taiwan early next month, while its rival, Japan’s Uniqlo, is set to open two more stores within a month to expand its presence in the country.
The clothing retailer’s first store in Taiwan is scheduled to open next Saturday in the Taipei 101 skyscraper, with another planned for Zhongxiao E Road.
Last month, Uniqlo Taiwan Ltd announced plans to launch 30 outlets each year in Taiwan, with the goal of eventually having 100 outlets around the country.
Uniqlo planned to open its fifth store near Taipei Main Station yesterday and a sixth in a Taipei mall on Nov. 25.
NT dollar climbs again
The New Taiwan dollar rose against its US counterpart again yesterday, adding NT$0.194 to close at NT$29.869.
Turnover totaled US$1.035 billion during the trading session.