TAIEX closes above 9,000
Taiwan’s benchmark index closed above the 9,000-point mark yesterday amid ample liquidity, as bargain hunters were active picking up large cap stocks, helping the market reverse earlier losses, dealers said.
The TAIEX rose 71.26 points, or 0.79 percent, to end at 9,018.61, after moving between 8,907.97 and 9,029.58, on turnover of NT$134.33 billion (US$4.7 billion).
Forex reserves hit new high
Taiwan’s foreign exchange reserves rose to a new high of US$399.54 billion last month, up US$6.92 billion from one month earlier, on gains in the euro and other major reserve currencies as well as returns from its reserves management strategy, the central bank said in a statement yesterday.
The euro and other major currencies continued to appreciate against the greenback, the base currency, last month, boosting conversion values of assets denominated in those currencies, the central bank said.
The bank did not elaborate on its management strategy, but added the increase left Taiwan’s ranking unchanged as the world’s fourth-largest foreign exchange reserves holder.
HTC, Conexus talk cooperation
HTC Corp (宏達電) said yesterday that it was in discussions with Conexus Mobile Alliance on a cooperation agreement.
The Taoyuan-based smartphone maker’s remark came after the Chinese-language Commercial Times reported that Conexus Mobile Alliance chairman Andrew Kwok (郭詠邦) was scheduled to announce a procurement deal with HTC in Taipei today.
Conexus is a regional group of telecom carriers including Far EasTone Telecommunications Co (遠傳電信), Hong Kong’s Hutchison Telecommunications International Ltd (和記電訊國際), South Korea’s KT Corp, Japan’s NTT DoCoMo, Indonesia’s PT Indosat, the Philippines’ Smart Communications Inc and Singapore’s StarHub Pte Ltd.
CPC mulls overseas depots
CPC Corp, Taiwan (CPC, 台灣中油), might build oil depots overseas and expand domestic storage to bolster energy security.
The state-owned refiner could spend between NT$60 billion and NT$100 billion on depots in Indonesia, Malaysia and Vietnam and construct additional tanks at home, deputy director of CPC’s industrial relations division Jessica Tang (唐苑莉) said by telephone yesterday. She did not provide an investment or construction schedule.
CPC will spend NT$1.6 billion to construct 15 oil tanks in Vietnam, the Commercial Times reported yesterday, citing anonymous sources.
Ralink to become MediaTek unit
Ralink Technology Corp (雷凌) will become a wholly owned subsidiary of MediaTek Inc (聯發科) after a planned merger, both companies said in statements to the Taiwan Stock Exchange yesterday.
MediaTek on March 16 said it would acquire Ralink through a share swap of one share for 3.15 Ralink shares.
Taishin announces payout
Taishin Financial Holdings Co (台新金控) plans to pay a cash dividend of NT$0.23 per share on last year’s earnings, along with a 7 percent stock dividend, or 70 shares for every 1,000 shares held by investors, the company said in a statement to the Taiwan Stock Exchange yesterday.
NT dollar moves up NT$0.038
The New Taiwan dollar rose against the US dollar yesterday, adding NT$0.038 to close at NT$28.632.
Turnover totaled US$954 million during the trading session.