TAIEX up on foreign inflows
The TAIEX moved higher yesterday as foreign institutional investors kept moving funds into the local bourse, with ample liquidity pushing the index past the 7,900 mark, dealers said.
Interest focused on “China concept stocks” that have close business ties with China, such as auto and textile manufacturers, while the flat panel sector came under pressure after AU Optronics Corp (AUO, 友達光電) reported worse-than-expected results for the fourth quarter of last year, they said.
The index closed up 40.87 points, or 0.52 percent, at the day’s high of 7,910.78, off an early low of 7,840.78, on turnover of NT$169.37 billion (US$5.74 billion). AUO closed down 3.55 percent at NT$16.30, while rival Chimei Innolux Corp (奇美電子) ended down 3.76 percent at NT$16.65.
Nod for bank’s China branch
The Financial Supervisory Commission (FSC) yesterday approved plans by Taiwan Cooperative Bank (合作金庫銀行) to set up two new outlets in China to lift its presence there.
The state-run lender plans to open its second branch in Tianjin and a further outlet in Suzhou, where its first Chinese branch is located, the FSC said.
Under Chinese rules Taiwanese banks can have only one branch in any individual province, but they may apply to have more outlets. Domestic lenders have pressed the FSC for its help in persuading China to remove the one-branch cap.
HSBC fined over staff fraud
HSBC Taiwan is facing a penalty of NT$2 million for negligence of internal control after one of the lender’s employees bilked eight customers of NT$770,000, the FSC said yesterday.
The fraud resulted from the staffer making cash withdrawals on inactive accounts, the FSC said, adding that the staffer had since been fired.
Hua Nan’s income jumps
Hua Nan Financial Holding Co (華南金控) yesterday posted NT$892 million in net income last month, jumping 42.62 percent from one month earlier and 21.86 percent from a year earlier, according to its stock filing.
The figures translated into NT$0.11 earnings per share.
The state-run financial service provider attributed the gains to improving business at its banking, securities and non-life insurance units.
Most apps in life are free
Just over 7 percent of polled office workers said they regularly paid to download apps onto their tablet PCs or smart phones, according to the results of an online survey released yesterday.
The survey, conducted by 1111 job bank, said only 7.05 percent of workers often paid for apps, with 60.98 percent saying they only use free apps and 31.97 percent admitting to sometimes paying for their downloads.
Among the workers who were willing to pay for software, 46.6 percent bought gaming or entertainment apps, while 21.35 percent of the polled workers paid for apps related to transport and weather, the survey said.
NT rises against greenback
The New Taiwan dollar rose against the US currency yesterday, adding NT$0.035 to close at NT$29.495, due to continuing fund inflows, as foreign institutional investors continued to bet on further gains in the local bourse, dealers said.
The NT dollar bucked the declines suffered by most Asian currencies amid cautious sentiment over the debt situation in the eurozone ahead of a European leaders’ meeting, they said. Turnover totaled US$866 million during yesterday’s trading session.