TAIEX hits six-month high
The TAIEX closed above the 7,800-points mark for the first time in nearly six months on ample liquidity and institutional buying, dealers said.
With concerns over the eurozone’s debt problems easing to some extent, buying rotated to large cap electronics stocks, in particular to companies in the Apple supply chain, after shares of the US consumer electronics giant hit a record high overnight, they said.
The TAIEX closed up 162.47 points, or 2.11 percent, at the day’s high of 7,869.91, off an early low of 7,766.38, on turnover of NT$160.32 billion (US$5.43 billion).
Fubon is back in black
Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial services provider, yesterday posted NT$2.2 billion (US$74.6 million) in net profit last month, reversing a net loss of NT$1.69 billion in December, according to a stock exchange filing.
The latest figures translated into NT$0.24 earnings per share and marked a retreat of 23.4 percent from the same period last year due to weaker earnings at its insurance and securities arms, company data showed.
Fubon Life Insurance Co (富邦人壽) reported NT$250 million in net income last month, down from NT$652 million a year earlier, while net profit at Fubon Securities Co (富邦證券) fell from NT$330 million to NT$80 million.
Ministry adjusts power prices
The government has increased preferential power prices for biomass projects by as much as 24 percent and cut rates paid for wind and solar facilities.
Wholesale prices for biomass electricity sold to state-run Taiwan Power Co (台電) rose to as much as NT$2.70 a kilowatt-hour, the Ministry of Economic Affairs said in a statement on Tuesday. Prices for wind farms with a capacity of more than 10 kilowatts fell by NT$0.02 a kilowatt-hour to NT$2.6 a kilowatt-hour.
The government also cut solar wholesale rates for contracts this year by as much as 8.3 percent, to NT$9.46 a kilowatt-hour, for projects installed on rooftops and completed by June and NT$6.9 a kilowatt-hour for ground plants. After June, the rates will fall by as much as 10.3 percent from last year.
Taipei to host big panel show
The world’s largest flat panel display exhibition will be held in Taipei in late June, the organizers said yesterday.
Display Taiwan, now in its 14th year, will focus on touch panel technology and active-matrix organic LED, a display technology for use in mobile devices and televisions, the Taiwan External Trade Development Council (TAITRA) said.
The three-day event from June 19 to June 21 is expected to attract 240 exhibitors and 45,000 visitors from 80 countries, TAITRA said.
Senao plans 1,000 outlets
Senao International Co (神腦國際), a distributor of mobile phones, related accessories and communications devices, hopes to expand the number of its retail outlets in China to 1,000 within three years.
Senao chairman Paul Lin (林保雍) said the company planned to open at least 200 new shops in China this year, with Fujian, Jiangsu and Zhejiang provinces and Shanghai the main targets.
The company also expects to add more than 60 new digital shops in Taiwan this year, which will require an additional 1,000 staff, Lin said. Senao currently has a workforce of 2,500 in Taiwan.
NT dollar gains ground
The New Taiwan dollar gained ground against the US dollar yesterday, rising NT$0.04 to close at NT$29.530.
Turnover totaled US$852 million during the trading session.