Shares edge slightly higher
The TAIEX edged up 0.08 percent yesterday with relatively low trading volume amid concerns over higher electricity rates, dealers said.
The benchmark index finished up 6.25 points to close at 7,662.92 on relatively low turnover of NT$74.19 billion (US$2.51 billion).
A total of 2,133 stocks closed up and 1,567 finished down, while 574 remained unchanged.
Hua Nan Investment Trust Corp (華南永昌投信) assistant manager Kuo Tse-yuan (郭澤原) said that while the broader market was undergoing correction, small and medium-sized stocks might perform better in the short term.
He forecast that the benchmark index would move within a narrow range of 7,500 to 7,800 if volume remains low.
SEC alleges stock manipulation
A complaint against a Chinese commercial vehicle dealer for alleged stock manipulation offers insights into the practices being uncovered as market regulators tighten scrutiny of China-based companies with US-traded shares.
AutoChina International Ltd (開元汽車), which is based in Shijiazhuang, China, rejected the accusations raised in a civil lawsuit filed on Wednesday by the US Securities and Exchange Commission (SEC).
The commission alleges Auto-China and 11 investors linked to the company made hundreds of false trades, aiming to boost trading volume in the company’s shares to help improve its prospects for obtaining financing.
CPC to restart naphtha cracker
State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) plans to restart its No. 5 naphtha cracker on Monday after shutting it down because of a fire last Friday, CPC industrial relations division deputy director Jessica Tang (唐苑莉) said by telephone yesterday. The damaged butadiene plant at the facility would remain shuttered, she said.
Chinese banks ramp up lending
Chinese banks ramped up their lending last month by issuing 1.01 trillion yuan (US$160 billion) in new loans, official data showed yesterday, offsetting a slowdown in the world’s second-largest economy.
The total was higher than the 710.7 billion yuan in new loans in February.
Analysts had forecast new loans of 800 billion yuan for last month, according to a poll by Dow Jones Newswires.
New lending rose by 332 billion yuan last month from the same month last year, China’s central bank said in a statement.
Separately, China’s foreign exchange reserves — the world’s largest — stood at US$3.31 trillion at the end of last month, the central bank said, up from US$3.18 trillion at the end of last year.
Teco unveils electric motors
Teco Electric & Machinery Co (東元電機) said on Wednesday it plans to initially produce 100,000 new electric motors for about US$1,000 each, aiming to start mass production within the next three months.
Teco chairman Liu Chao-kai (劉兆凱) made the remarks when the company unveiled a series of new electric motors at this year’s Electronic Vehicle Show in Taipei, which runs through Sunday.
The company’s electric motors can be used in cars, buses, motorcycles and the motorized tricycles that are found across Southeast Asia, Liu said.
NT dollar gains ground
The New Taiwan dollar gained ground against the greenback yesterday, edging up NT$0.012 to close at NT$29.550.
Turnover totaled US$518 million during the trading session.