TAIEX closes slightly higher
The TAIEX closed slightly higher yesterday on relatively low turnover as many investors stayed on the sidelines waiting to see how the US will resolve its pending “fiscal cliff,” dealers said.
Certain “Apple concept stocks” staged a technical rebound from a recent plunge to prevent the broader market from dipping into the red.
The weighted index closed up 12.46 points, or 0.16 percent, at 7,643.74, on turnover of NT$73.43 billion (US$2.52 billion).
It was only the second time in this month that turnover had fallen under NT$80 billion.
The food sector scored the highest gains among the eight major sectors of the market, finishing up 0.74 percent.
Firm calls off stakes auction
Chainqui Construction Development Co (全坤建設) yesterday called off plans to auction stakes in an office building on Taipei’s Dunhua S Rd as current rental yields fail to meet tightened investment requirements, auction organizer DTZ said in a statement.
The Neihu, Taipei-based developer previously aimed to sell two luxury floors including a storefront currently leased to an international boutique with a 2.64 percent rental yield, DTZ said.
That return falls short of the 2.875 percent minimum yield required of real estate investments by domestic life insurers.
The developer now prefers to negotiate trading terms with potential buyers privately, DTZ said.
China Airlines to rent aircraft
China Airlines Ltd (CAL, 中華航空), the nation’s largest airline, yesterday announced it would rent four Boeing 777-300ER aircraft from GE Capital Aviation Services Ltd (GECAS) for fleet upgrade and expansion, a US-based global commercial aircraft leasing and financing company.
The four B777-300ER aircraft are expected to be added to the carrier’s fleet from 2014, CAL said in a statement.
B777-300ER — a wide-body plane able to carry up to 451 passengers — could reduce fuel consumption by around 20 percent compared with other similar-typed aircraft, as it has just two engines, the statement said.
Other than the four chartered planes, the carrier announced a plan earlier this month to buy six additional B777-300ER aircraft on the back of stronger demand from routes to Japan and China, which are also scheduled to be delivered from 2014.
Far EasTone eyes LTE networks
Far EasTone Telecommunications Co (遠傳電信), the nation’s third-largest telecommunications operator, said on Monday that it is likely to begin commercial operations of the long-term evolution (LTE) super-fast network in 2015 when the infrastructure is ready.
Far EasTone’s chief strategy officer and chief technology officer Jeffey Gee (紀竹律) said his company plans to build 1,000 new base stations for the LTE network to reach 60 percent or 70 percent of its current 3G network coverage.
“I think it [commercial LTE operations] should happen in the middle of 2015 or in the first half of that year,” he told a media briefing.
NT dollar closes unchanged
The New Taiwan dollar closed unchanged at NT$29.100 against the US dollar yesterday after intervention by the central bank in Taipei helped the greenback recoup earlier losses, dealers said.
The central bank’s efforts in propping up the US dollar appeared most obvious in late trading as the bank tried to prevent the greenback from falling below the NT$29.00 mark before the session ended, they said.
Turnover totaled NT$699 million during the trading session.