TAIEX retreats on euro debt
The stock market opened higher yesterday, but gave up its early gains as doubts resurfaced over the European debt situation, dealers said.
The benchmark index closed down 22.86 points, or 0.32 percent, at 7,124.89, after moving between 7,090.47 and 7,190.55 on turnover of NT$64.24 billion (US$2.18 billion).
At the end of the session, the pulp and paper sector suffered the heaviest losses among the market’s eight largest sectors, finishing down 1.26 percent, while the cement sector closed up 0.17 percent.
GRETAI, Tokyo bourse ink pact
GRETAI Securities Market yesterday signed a memorandum of understanding with the Tokyo Stock Exchange to help attract listing by emerging enterprises and revitalize the two countries’ markets.
NHK reported that more than 600 emerging companies are listed on the GTSM, which mainly serves the over-the-counter and bond markets in Taiwan.
Taiwan is currently focused on developing emerging markets, and the cooperation could help the country learn from Japan’s trade rules and experience in reviewing listing companies there, the report said.
KGI, China firm to cooperate
KGI Securities Co (凱基證券) on Wednesday signed a memorandum of understanding (MOU) with China’s Industrial Securities Co (興業證券) for future business cooperation, hoping the pact would help it penetrate the Chinese market and boost business exchanges across the Taiwan Strait.
Taiwan slips in WEF report
Taiwan was ranked 29th in this year’s global Enabling Trade Index compiled by the Swiss-based World Economic Forum (WEF), down one place from 2010, according to the latest biennial rankings released on Wednesday.
Among the four sub-indices used for the evaluation, Taiwan was rated 19th in transport and communications infrastructure, 22nd in business environment, 31st in customs administration and 101st in market access.
The WEF report shows that Singapore, Hong Kong, Denmark and Sweden secured their positions as the four best performers among 132 economies worldwide that were included in the index. Rounding out the top 10 were New Zealand, Finland, the Netherlands, Switzerland, Canada and Luxembourg, in that order.
Auto sales down 17.5%
Domestic car sales fell 17.5 percent in the first 20 days of this month from a month earlier owing to a seasonal slowdown, government statistics showed on Wednesday.
Total number of cars sold in the 20-day period reached 11,677, down 0.1 percent from a year earlier, according to the statistics.
For the period from Jan. 1 to May 20, total car sales in Taiwan fell 5.6 percent from a year earlier to 136,000 units.
Ford to debut at Computex
Ford Motor Co will make its debut at this year’s Computex Taipei, with a focus on car electronics, Taiwan External Trade Development Council (TAITRA), one of the organizers of the annual computer trade show, said yesterday.
The show, which will host a record 1,800 exhibitors and use 5,300 booths this year, will be held from June 5 to 9 at the Taipei World Trade Center, TAITRA said.
Ford Motor will make major industry-first announcements both for Taiwan and Asia at the show, and showcase its latest in-car connectivity technology, it said.
NT dollar edges down
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.059 to close at NT$29.645 on turnover of US$753 million.