US jobs data boost TAIEX
The TAIEX rose yesterday, reflecting gains on Wall Street overnight and in other regional markets after the US reported better-than-expected service sector data, dealers said.
Market sentiment was also lifted to some extent by a decision by G7 leaders to make concerted efforts to deal with the financial crisis in the eurozone, they said.
The weighted index closed up 55.70 points, or 0.80 percent, at 7,056.15, after moving between 7,004.40 and 7,076.28, on turnover of NT$65.70 billion (US$2.20 billion).
Grand Ocean shares fall
Shares of Grand Ocean Retail Group Ltd (大洋百貨), a China-based department store chain operator, fell below their issue price yesterday, the first day of their primary listing on the Taiwan Stock Exchange, amid concerns over a slowdown in the Chinese economy, dealers said.
The shares fell 0.42 percent from their initial listing price of NT$120 to end at NT$119.50, with 8.19 million shares changing hands.
The stock opened at the day’s high of NT$127.00 and selling dragged the price into negative territory toward the end of the session, the dealers said.
WTO head to speak in Taipei
WTO Director-General Pascal Lamy will speak via videoconference at an international conference to be held in Taipei tomorrow to mark 10 years of Taiwan’s participation in the WTO.
Lamy’s speech will focus on the changing landscape of world trade and its future challenges and opportunities, according to the Chung-Hua Institution for Economic Research, which is organizing the conference.
The institution said the conference would review the progress and changes that have taken place in the 10 years since Taiwan’s accession into the WTO on Jan. 1, 2002, and discuss the experiences of various countries in coping with the global economic situation.
Chengdu Taiwan fair opens
A four-day trade fair showcasing over 30,000 Taiwanese products will open today in Chengdu in China’s Sichuan Province, the organizers said yesterday.
The trade fair, which will showcase more than 500 exhibitors manning 1,300 booths, will feature zones dedicated to cultural and creative offerings, energy-saving products, Taiwanese tea, clothing and accessories, sportswear, biotech cosmetics and produce.
The show is being organized by the non-profit Taiwan External Trade Development Council and the Sichuan Provincial Government. To introduce Chengdu residents to Taiwanese specialties, the produce zone will showcase snacks and drinks characteristic of Taiwan, including pearl milk tea, sun cakes and pineapple
Taipower reports cost overruns
The suspension of a reactor at Taiwan’s No. 2 nuclear power plant has led to cost overruns of NT$100 million (US$3.3 million) per day, Taiwan Power Co (Taipower, 台電) chairman Hwang Jung-chiou(黃重球) said on Tuesday.
Taipower now has over-expenditures totaling more than NT$3 billion since the end of April, when the reactor was scheduled to resume operations after a 45-day annual maintenance suspension, Huang said.
Apart from the NT$3 billion in cost overruns, Taipower had accumulated losses of NT$176.6 billion as of the end of last month, after years of selling electricity below cost.
NT dollar rises slightly
The New Taiwan dollar gained ground against the US dollar yesterday, adding NT$0.065 to close at NT$29.935.
Turnover totaled US$697 million during the trading session.