TAIEX gains ground
The TAIEX edged higher yesterday after a rebound by electronics and financial stocks midway through the trading session sent the market’s benchmark index back into positive territory.
The weighted index ranged between a high of 7,781.55 and a low of 7,706.95 before finishing up 13.71 points, or 0.18 percent, at 7,768.30 on turnover of NT$74.06 billion (US$2.52 billion). A total of 1,756 stocks closed up, 2,442 finished down and 429 remained unchanged.
Kent Liu (劉宇衡), a fund manager at Taishin Securities Investment Trust Co (台新投信), said the bourse was expected to remain strong and might rebound to the high of 8,170 points that the TAIEX reached in early March.
Overall, the construction sector scored the highest gains among the eight major sectors of the market, finishing up 1 percent.
Gintech secures loan
Solar cell maker Gintech Energy Corp (昱晶) said it secured a five-year NT$4 billion loan from 11 banks led by First Commercial Bank (第一銀行) on Tuesday last week and would issue NT$620 million in five-year convertible bonds today.
It plans to use the proceeds to strengthen its working capital and meet future expansion needs.
TSMC books gains from SMIC
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said in a stock exchange filing yesterday that it booked HK$9.66 million (US$1.24 million) in gains from selling shares in Semiconductor Manufacturing International Corp (SMIC, 中芯) of China.
TSMC, the world’s largest contract chipmaker, said it sold 269.2 million SMIC shares at HK$0.291 each for a total of HK$78.3 million as part of its efforts to dispose of non-core financial assets, according to the filing.
TSMC took a stake in SMIC in 2010 as part of a legal settlement between the two companies.
Limited boost from iPhone 5
The newest iPhone from Apple Inc might not aid Taiwanese telecom operators’ revenue, Nomura Holdings Inc said in a report.
“Given none of the Taiwan telecom operators have launched fourth-generation [4G] services to date, we believe they will find it slightly difficult to charge higher monthly subscription fees along with the iPhone 5 launch,” Nomura said.
Like other handsets utilizing long-term evolution (LTE) super-fast wireless technology, the iPhone 5 is most likely to operate on 3G and 2G networks in Taiwan for now, the brokerage said.
Nomura said that Taiwan’s mobile subscribers would likely be able to enjoy 4G service by 2014.
International 4G summit opens
The 4G (fourth-generation) International Forum, which opens today in Taipei, will address the challenges and lay a roadmap for the migration to mobile broadband technology, the organizers said.
A number of equipment makers, chipmakers and semiconductor testing firms will be participating in this forum to discuss spectrum development, infrastructure solutions and wireless technologies, such as WiMAX and LTE, according to the Taipei Computer Association, which has organized the event along with the Ministry of Economic Affairs.
Taiwan has six licensed WiMAX mobile service operators, who have attracted only 135,430 WiMAX subscribers as of July 31, and the nation is likely to commercialize LTE operations in 2017.
NT dollar declines
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.029 to close at NT$29.479. Turnover totaled US$611 million during the trading session.