Apple suppliers boost TAIEX
The TAIEX got a boost yesterday from gains posted by companies in the Apple Inc supply chain on expectations that the US consumer electronics giant would report strong results for the quarter later in the day, dealers said.
However, turnover remained small amid lingering concerns over a possible tax on gains from stock investments, with selling shifting to old-economy stocks from the high-tech sector, they said.
The TAIEX closed up 17.75 points, or 0.24 percent, at 7,498.8, after moving between 7,444.74 and 7,533.55, on turnover of NT$68.37 billion (US$2.32 billion).
Firms bring billions from China
Taiwan’s listed firms with operations in China reported NT$161.1 billion in aggregate returns last year.
That figure was down 26.16 percent from the previous year, dragged down by wage increases and weakened demand attributable to the EU debt crises, the Financial Supervisory Commission said yesterday.
Makers of electronics, computers and peripheral gadgets posted better earnings than firms in other sectors, the commission said.
A total of 1,046 firms have investments in China, 51 more than last year, and they account for 76.24 percent of all listed companies, the commission said.
Together, they remitted NT$116.4 billion to Taiwan last year, up NT$18 billion from a year earlier, but make up only 8.88 percent of overall capital bound for China at NT$1.31 trillion, it said.
Fubon workers given raises
Employees at Fubon Financial Holding Co (富邦金控), the nation’s second-biggest financial holding company by assets, will receive pay raises of at least 3 percent this year, company chairman Daniel Tsai (蔡明忠) said on Monday.
The size of the raise will depend on the individual’s performance, but it will surpass the 2 percent rise in inflation that the government is predicting this year he said.
China’s currency reserves fall
China’s foreign exchange reserves fell US$4.69 billion from February to last month, data from the People’s Bank of China showed yesterday.
It was the first decline since December last year, according to previously released data from the central bank.
China’s holdings, the world’s largest, rose in the first quarter to US$3.3 trillion from US$3.18 trillion at the end of last year.
Solar cell maker posts losses
E-Ton Solar Tech Co (益通光能), a Taiwan-based solar cell maker, said on Monday that it plans to make a private placement to raise up to NT$3 billion to improve its financial structure.
According to the Taiwan Stock Exchange, E-Ton had NT$5.46 billion in total debt at the end of last year, including NT$3.58 billion to be repaid within one year.
In the first quarter, E-Ton incurred NT$355 million in net losses, or a NT$0.74 loss per share, extending from NT$4.05 billion in net losses for the whole of last year, amid increasingly fierce competition in the world’s solar energy market.
EU concerns depress NT dollar
The New Taiwan dollar lost ground against the US dollar yesterday, edging down NT$0.002 to close at NT$29.526 as traders cut their local currency holdings due to a falling euro amid fresh concerns over the debt crisis in the eurozone, dealers said.
Turnover totaled US$569 million during the trading session.