TAIEX falls on cautious trading
Share prices retreated yesterday after a rebound on Wednesday, as market sentiment turned cautious ahead of a meeting of EU leaders in Brussels to address the eurozone debt crisis, dealers said.
Many investors took to the sidelines, waiting for the outcome of another policy meeting of the European Central Bank later in the day, dealers said.
Turnover also shrank because of the uncertainty ahead of the presidential and legislative elections on Jan. 14, they said.
The TAIEX closed down 50.1 points, or 0.71 percent, at 6,982.90, after moving between 6,907.95 and 7,018.64 on turnover of NT$67.95 billion (US$2.25 billion).
Fubon fined over fraud
The Financial Supervisory Commission yesterday fined Fubon Financial Holding Co (富邦金控) NT$4 million for lax internal control related to a sports lottery fraud at its subsidiary, Taiwan Sport Lottery Corp (運彩科技), in September.
The nation’s second-largest financial service provider failed to exercise due internal oversight or keep the regulator posted promptly, the commission said in a statement.
The scam, in which an employee manipulated the computer betting system in August to his own benefit, raised a public outcry and top executives at the lottery firm resigned to take responsibility.
Fubon Financial said in a statement that it respected the commission’s ruling.
Housing transactions weak
The housing market is expected to post its lowest number of deals in eight years as the luxury tax and the European debt crisis hold back the market, a real-estate agency said yesterday.
Fewer than 360,000 property transactions are expected for this year — less than half that of 2008, when the last global financial crisis struck, Evertrust Rehouse Group (永慶房仲集團) said in a report.
The total number of buildings sold nationwide in the first 10 months of the year stood at 308,000, Ministry of the Interior statistics showed.
Evertrust head researcher Jeffery Huang (黃增福) said that home prices could drop next year as demand shrinks.
However, commercial property sales are predicted to continue to rise as the demand for downtown office buildings remains stable, he added.
UMC’s sales drop 22.8%
United Microelectronics Corp (UMC, 聯電), the world’s No. 2 contract chipmaker, yesterday said that revenue last month fell 22.75 percent to NT$8.07 billion. That compares with NT$10.44 billion in the same month last year and NT$8.26 billion in the previous month, UMC said in a statement.
Wistron posts record sales
Wistron Corp (緯創), the nation’s No. 3 laptop contract maker, yesterday reported record-sales of NT$66.1 billion last month, up 5.2 percent from a month ago and 24.2 percent from a year ago, amid strong shipments of handheld devices.
Revenue from January to last month was NT$591.98 billion, up 5.6 percent year-on-year.
Meanwhile, bigger rival Quanta Computer Inc (廣達) saw its revenue last month shrink to NT$96.86 billion as a shortage of hard disk drives affected its laptop shipments. The figure was down 9.7 percent month-on-month and 3.4 percent year-on-year.
Total revenue from January to last month was NT$989.52 billion, inching down 0.6 percent from a year ago.
NT dollar edges down
The New Taiwan dollar yesterday fell NT$0.011 to close at NT$30.179 against the US dollar. Turnover was US$752 million.