TAIEX losses continue
The TAIEX extended losses yesterday from the previous session as market confidence remained haunted by worry over the global economy, dealers said.
Fear escalated that foreign institutional investors would continue to move their funds out of the country as global financial markets face further volatility amid growth concerns, they said.
The index closed down 26.66 points or 0.37 percent at 7,104.27, on turnover of NT$62.99 billion (US$2.10 billion).
Selling focused on select large-cap stocks such as smartphone vendor HTC Corp (宏達電) and PC supplier Acer Inc (宏碁), ensuring the index remained in negative territory at the end of the session, they said.
Concord Securities (康和證券) analyst Kerry Huang said that with few signs the global economy will make a quick turnaround any time soon, investors were rushing to move their funds into US dollars.
LED product prices to fall 20%
Prices for light-emitting diode (LED) lighting products will fall by at least 20 percent this year, said Yancey Hai (海英俊), chairman of energy saving solutions provider Delta Electronics Inc (台達電) yesterday.
Hai said that after a price reduction of 40 percent globally last year, LED product prices would fall another 20 percent to 30 percent this year.
A sign of the general decline was South Korea’s launch of a low-price strategy to gain market share, followed by the cut in prices by distributors in the US last month, he said.
LEDinside, a Web site dedicated to the LED industry, said on Thursday that the lowest price for an LED light bulb equivalent to a 40 watt incandescent bulb fell below US$10 in the US for the first time ever last month.
The lowest price for an Energy Star-certified LED light bulb was US$10.97, it said. Energy Star is a government-backed program for energy efficiency.
LEDinside said the low price in the US market might speed up the replacement of incandescent bulbs by LED bulbs and turn it into a common form of lighting.
Chime Innolux CFO resigns
Chimei Innolux Corp (奇美電子), the nation’s largest LCD panel maker, yesterday announced chief financial officer (CFO) Eddie Chen (陳彥松) had resigned, according to a company statement.
Chen’s resignation came after a major reshuffle of the company’s board last month, with all the Chimei Corp (奇美實業) representatives quitting their seats. Chimei Corp is the firm’s biggest shareholder.
Lin Chen-hui (林振輝), an assistant vice president in the company’s strategic procurement center, will succeed Chen as the company spokesman. The personnel adjustment takes effect next Saturday.
Chimei Innolux said the company’s operations would not be affected by the personnel change.
NT dollar falls again
The New Taiwan’s dollar completed its biggest weekly decline in a month as slower growth in China damped the nation’s export outlook.
“The trend of a weakening [New] Taiwan dollar and stronger appetite for bonds will continue because global growth is losing momentum,” said Eric Hsing, a fixed-income trader at First Securities Inc (第一金證券).
The NT dollar fell 0.3 percent this week to close at NT$30.015 against its US counterpart in Taipei, according to Taipei Forex Inc. That was the biggest drop since the five days that ended on June 1. Turnover totaled US$612 million.