High-tech shares lead rebound
Share prices in Taiwan staged a technical rebound yesterday, led by high-tech heavyweights that had been hammered in recent sessions on concerns over weakening global demand, dealers said.
Turnover remained anemic, however, as market sentiment was overshadowed by negative external factors and many investors were reluctant to chase prices and push the index higher, they added.
The TAIEX closed up 29.31 points, or 0.44 percent, at 6,662.64, after moving between 6,646.30 and 6,696.93 on turnover of NT$60.36 billion (US$1.99 billion).
The market opened up 0.48 percent and moved to the day’s high in the first 15 minutes of the session based on recoveries in other markets in the region, as fears receded that the death of North Korean leader Kim Jong-il would trigger instability on the Korean Peninsula.
Chimei settles lawsuit
Chimei Innolux Corp (奇美電子), the nation’s top LCD panel maker, yesterday said it has agreed to pay US$78 million to settle a price-fixing lawsuit in the US, according to a filing to the Taiwan Stock Exchange.
LCD panel buyers lodged a complaint to a district court in North Carolina, accusing the world’s major panel makers, including Chimei, of price fixing.
The court approved the settlement yesterday.
Chimei said the outcome would not have further financial impact on the company as it paid the damages last quarter.
Biggest-ever auto show to open
Taiwan’s biggest-ever auto show, with 34 brands exhibiting their models, will showcase the latest trends in the industry when it opens on Saturday.
The Taipei International Auto Show, which takes place every other year and is scheduled to be held for the 19th time, will feature nearly 200 new models from 34 local and international brands, the most in the exhibition’s history.
The Taipei Automobile Distributors Association (台北市汽車代理商業同業公會), the show’s organizer, said concept cars, including electric vehicles, plug-in hybrid vehicles and hybrid vehicles, will be showcased along with sports cars, sport utility vehicles and multi-purpose vehicles.
Besides Taiwanese brand Luxgen, visitors can also see the latest upscale and unique designs by foreign brands, including Toyota, Volvo, BMW, Porsche and Saab.
The event is set to take place at the Taipei World Trade Center Exhibition Hall 1 through Jan. 1 and is expected to attract more than 100,000 visitors.
Acer to sell Neihu building
Acer Inc (宏碁), one of the world’s top PC brands, yesterday said it had sealed a deal to sell an under-used office building in Taipei’s Neihu District (內湖) for NT$2.53 billion (US$83.35 million) to Delta Electronics Inc (台達電), the world’s major manufacturer of switching power supplies.
Profit on the disposal of the property would total NT$653 million, the company said.
Acer would recognize the gain next year, soon after its move, which is expected to be finished by the end of the first quarter, it said.
Acer plans to lease one floor of the building after the auction to continue housing the operations of its hand-held devices division.
NT dollar up against greenback
The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.045 to close at NT$30.353.
Turnover totaled US$486 million during the trading session.