TAIEX edges down
The TAIEX edged down 0.48 percent yesterday on a generally quiet day throughout the region, but the benchmark index remained above the psychologically important 7,400-point level.
The benchmark index rose 14.13 points to the day’s high immediately after the opening bell, fueled by a surge on Wall Street and in European markets on Friday last week, but the market fell to the day’s low before 10:30am.
On the day, the weighted index ranged between a high of 7,485.16 and a low of 7,422.44 before finishing down 36.01 points at 7,431.91 on turnover of NT$58.44 billion (US$1.95 billion).
A total of 1,297 stocks closed up and 2,831 finished down, while 338 remained unchanged.
Most Asian markets saw little movement yesterday. The Nikkei 225 was up 0.09 percent at 9,171.16, the Hong Kong Hang Seng index closed down 0.06 percent at 20,104.27 and the Shanghai Composite Index fell 0.38 percent to 2,106.96.
CAL to boost Auckland flights
Taiwan’s leading carrier, China Airlines Ltd (CAL, 中華航空), yesterday said it would boost its service from Taipei to Auckland, introducing daily flights from October in a bid to tap into New Zealand’s growing tourism market.
CAL will extend the flight route to Auckland starting on Oct. 28, the company said.
This comes on top of three weekly flights to Auckland on an existing route from Taipei via Brisbane, CAL said.
“New Zealand’s tourism market has been rising steadily and the extension of the flights from Sydney to Auckland will give travelers more options,” a company official said.
Tingyi Holdings’ profit rises
Tingyi (Cayman Islands) Holding Corp (康師傅控股), the maker of Master Kong branded instant noodles and beverages, reported a 24 percent increase in first-half profit on falling raw material costs.
Net income rose to US$284.4 million in the six months up to June from US$229 million a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday. That beat the US$275.8 million average of five analysts’ estimates compiled by Bloomberg. Revenue climbed 9.5 percent to US$4.53 billion.
Tingyi is using its 57 percent share of the Chinese instant-noodle market to capture rising consumer demand for premium foods with higher profit margins, according to analysts at BOCOM International Holdings Co (交銀國際). The foodmaker in November announced a tie-up with PepsiCo Inc, under which a Tingyi unit became the franchise bottler of its drinks in China.
Yuanta properties go unsold
The asset management and securities units of Yuanta Financial Holding Co (元大金控) yesterday failed to find a buyer for three pieces of real-estate in Greater Taipei, auction organizer DTZ said in a statement. It attributed the aborted bidding to the Financial Supervisory Commission’s plans to tighten earnings requirements on property investments on behalf of domestic life insurers.
Barclays makes appointment
British banking group Barclays has appointed Liu I-cheng (劉奕成) as managing director and head of its investment banking unit in Taiwan, the bank said in a statement yesterday.
Liu has worked for EasyCard Corp, JPMorgan and Cathay Financial Holding Co (國泰金控), with experience working in Shanghai, China, over the last decade.
NT dollar loses ground
The New Taiwan dollar lost ground against the US dollar yesterday, declining NT$0.005 to close at NT$30.030. Turnover totaled about US$476 million during the trading session.