Staff writer, with agencies

Thu, Oct 18, 2012 - Page 14

TAIEX still consolidating

The TAIEX encountered strong technical resistance ahead of the 7,500-point mark yesterday, reversing earlier gains to end little changed from the previous session, dealers said.

Market sentiment remained cautious about the world’s economic fundamentals as many investors stayed on the sidelines, which kept trading volume low, they said.

The weighted index closed down 6.62 points, or 0.09 percent, at 7,464.40, on turnover of NT$67.43 billion (US$2.31 billion).

“Although turnover expanded to more than NT$60 billion today, the volume was not big enough to vault the broader market past the stiff technical resistance ahead of 7,500 points,” Mirae Asset Management analyst Arch Shih (施博元) said. “The local bourse still moved in a consolidation mode and is expected to continue doing so.”

NDF, NZ to launch joint fund

The National Development Fund (NDF) signed a letter of agreement with New Zealand Venture Investment Fund Ltd earlier this month to launch an investment cooperation deal, the NDF said in a statement.

The two sides are set to invest US$80 million each to form a joint fund, equally investing in companies in Taiwan and New Zealand that are in the early stages of development in fields such as biotechnology and the cultural and creative industry, it said.

The joint fund will invest no more than US$20 million in each case, the statement added.

New Zealand Venture Investment Fund Ltd is owned and managed by the New Zealand government. It was the first time Taiwan has signed an investment agreement with a fund owned by a foreign government, the NDF said.

HTC plans customized phones

Handset maker HTC Corp (宏達電) will continue to work with telecoms operators to produce more customized smartphones based on new technology and localized services, a company executive said on Tuesday.

“Telecoms operators need differentiated services to increase their data revenue, and this is essential to HTC,” HTC North Asia-Pacific region president Jack Tong (董俊良) said at an event in Taipei where the company launched its new HTC One series phones.

Shares in HTC rose 3.19 percent to close at NT$258.50 yesterday.

Electric vehicle forum held

About 200 experts from Taiwan and France will discuss future trends and further cooperation in the electric vehicle sector at a forum to be held at the Taipei International Convention Center today, organizers said.

More than 20 French industry experts and representatives have been invited to participate in the forum, which will be followed by roughly 80 business-to-business meetings that are expected to solidify further cooperation, the French Office in Taipei said in a statement.

The government said in July that it wants to eliminate the more-than 6,000 diesel buses around the country within eight to 13 years as part of its efforts to promote electric vehicles and minimize air pollution.

NT dollar edges up slightly

The New Taiwan dollar held its ground against the US dollar yesterday, edging up NT$0.043 to close at NT$29.246 as traders took cues from a rising euro against the greenback to buy into the local currency, dealers said.

In addition, the Chinese yuan gathered momentum against the US dollar, adding downward pressure on the US unit in the regional foreign exchange markets, they added.

Turnover totaled US$765 million during the trading session.