Shares fall on eurozone woes
The TAIEX extended losses yesterday from the previous day as investors remained doubtful about whether the ongoing summit of European leaders will come up with effective measures to tackle the debt crisis in the eurozone, dealers said.
Sentiment was further dampened after the European Central Bank refused to commit to bond purchases to help debt-ridden eurozone members, dealers said.
This gave rise to worries that an escalation of the financial crisis would hurt the already fragile global economy, they said.
The TAIEX closed down 89.60 points or 1.29 percent at 6,893.30, after moving between 6,831.39 and 6,927.99, on turnover of NT$71.57 billion (US$2.37 billion).
Bank sells NT$100bn in CDs
The nation’s central bank sold NT$100 billion of 364-day certificates of deposit (CD) at an average interest rate of 0.898 percent at an auction yesterday, according to a statement posted on the bank’s Web site.
The sale attracted bids for 3.53 times the amount on offer, the central bank said in the statement.
President posts revenue
President Chain Store Corp (統一超商), the operator of Taiwan’s largest convenience store chain, 7-Eleven, yesterday posted revenue of NT$10.38 billion for last month, up 11.12 percent year-on-year as its offerings such as heat-retaining shirts, beverages and foodstuffs saw robust sales.
However, last month’s figure was 5.12 percent lower than the previous month’s level, company data showed.
Revenue for the first 11 months of the year totaled NT$112.05 billion, marking a growth of 6.79 percent from last year, according to a statement.
The company expected sales prospects this month to be equally upbeat because it has planned a series of products, such as hotpot ingredients and Christmas-themed toys and snacks, for the winter.
Less oil bought last month
Taiwan, which imports more than 99 percent of its crude oil needs, purchased less of the fuel in November after industrial output slowed, cutting energy demand.
Shipments declined 33 percent from a year earlier to 19.7 million barrels last month, the Ministry of Finance said on Thursday. The country’s oil bill last month dropped 11 percent to US$2.14 billion, the ministry said in a statement.
Industrial production increased the least in more than two years in October, a Ministry of Economic Affairs report said on Nov. 23. Output by petroleum and coal--product companies fell 4.6 percent.
Green Energy plans share sale
Green Energy Technology Inc (綠能科技), the nation’s biggest solar wafer maker, plans to sell 50 million new shares to repay bank loans, according to a statement on Thursday.
The company will scrap an earlier proposal to sell convertible bonds, it said in a separate exchange statement. The company in August said it planned to sell up to US$100 million of three-year overseas convertible bonds.
NT dollar falls NT$0.06
The New Taiwan dollar fell against the US currency yesterday, down NT$0.06 to close at NT$30.239 amid lingering concerns over the debt problems in the eurozone, dealers said.
The selling showed many traders harbored doubts about whether a summit of European leaders would narrow their differences and provide a package to deal with the region’s financial crisis, they said.
A fall in Taiwan’s exports due to weakening global demand also prompted traders to cut their holdings in the local unit, they added.